According to a Financial Times report, Blackstone — an anchor investor in a $63 billion financing deal intended to fund Anthropic’s chip development — informed investors in the transaction that it now expects the AI lab to receive a "high" junk credit rating following its initial public offering. The FT notes this is a reversal from Blackstone’s earlier view that Anthropic would achieve an investment-grade rating before 2027.
The current forecast places Anthropic in the double-B (BB) range, the highest tier of speculative-grade, so-called "junk" ratings.
Why this matters
A speculative-grade rating would make borrowing more expensive and could complicate Anthropic’s ability to raise capital. The company has been investing heavily over the past year in compute capacity and related deals, a spending pattern that has already raised investor concerns. A BB rating typically implies higher interest costs and more restrictive financing terms, which could affect Anthropic’s growth plans and cash-flow management.
Responses and next steps
TechCrunch contacted Anthropic and Blackstone; both declined to comment. It is important to stress that Blackstone’s statement is a prediction: the definitive rating will be assigned by credit-rating agencies and will depend on the IPO outcome, Anthropic’s disclosed finances, and broader market conditions.
Anthropic formally filed to go public earlier this week, prompting speculation about how such a large offering would affect the wider AI sector. Going forward, the agencies’ ratings and the market’s reaction to the IPO will determine how costly and accessible future financing will be for Anthropic.
