Report: Anthropic Expected to Receive High-Yield Junk Credit Rating After IPO
According to a Financial Times report, Blackstone told investors participating in the $63 billion Anthropic chip financing deal that it expects Anthropic to receive a "high" junk credit rating after its IPO, specifically in the BB range. Blackstone had previously said Anthropic would obtain an investment-grade rating by 2027. Anthropic formally submitted its listing application this week; TechCrunch contacted Anthropic and Blackstone about this, and both declined to comment.
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The report discloses that Blackstone's expectation for Anthropic's credit rating after its IPO has shifted from investment grade to BB, allowing readers to understand the context in which its financing costs may rise.
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Anthropic is expected to receive a high “junk” rating from credit rating agencies following its initial public offering, according to a report from the Financial Times.
The FT says the investment giant Blackstone, the anchor investor in a recent $63 billion deal to finance Anthropic’s chips, told investors in the deal that it expects the AI lab to receive a “high” junk rating after its IPO. Previously, the FT notes, Blackstone had said the opposite: that the Claude maker would receive an investment-grade rating (indicating low risk for lenders) before 2027 rolls around.
Now Blackstone expects double B range rating, the top tier of speculative “junk” grade, according to the reporting.
TechCrunch reached out to Anthropic and Blackstone but both declined to comment.
Blackstone’s forecast is just a prediction, but naturally, a high junk rating would make it more difficult and costlier for Anthropic to raise the money to keep funding its massive spending that has undergirded its business. The lab has been on a spending spree, racking up large compute power deals throughout the past 12 months, which has worried investors .
Anthropic officially filed to go public earlier this week, kicking off a wave of speculation about how the massive IPO would impact the broader AI industry .