Anthropic to receive high 'junk' rating from credit agencies following IPO

Anthropic may receive a speculative-grade credit rating after its planned IPO, a sharp change from an earlier expectation that it would qualify for investment grade before 2027. Blackstone, the anchor investor in a recent $63 billion financing deal for Anthropic’s computing chips, now reportedly anticipates a rating in the double-B range. That is the highest tier of “junk” status, but it still signals greater risk to lenders than an investment-grade rating. The forecast is not a rating already issued by a credit agency, and Anthropic and Blackstone declined to comment.

A junk rating could make it harder and more expensive for Anthropic to borrow money, at a time when it is committing enormous sums to computing capacity. The company has struck multiple large compute deals over the past year, fueling investor concerns about the scale and sustainability of its spending. Anthropic filed to go public earlier in the week, setting off speculation about how its IPO could affect the wider AI industry. The credit outlook highlights a central tension for AI companies: ambitious infrastructure spending may support growth and competition, while also raising financing risks if investors doubt that future returns will justify the costs.