Anthropic may miss investment-grade rating after its planned IPO

Financial Times reporters Michelle Chan and George Hammond, citing people familiar with the matter, report that Blackstone has changed its guidance to investors about Anthropic’s potential credit rating. They say Blackstone now expects the AI company to receive a “high” junk rating after going public. The report describes an outlook for after the IPO, not an issued rating.

According to the FT’s sources, Blackstone had previously told investment partners it expected Anthropic to receive an investment-grade rating before year-end. More recently, it indicated that a rating in the double-B range or above was more likely. The FT identifies Blackstone as an anchor investor in Project North Star, Anthropic’s $63 billion chip-financing deal, and reports that it is working with the financing banks to sell debt to other investors.

The distinction could matter for Anthropic’s spending plans. According to the FT’s account of Anthropic’s prospectus, the company plans to spend more than $800 billion on computing infrastructure through 2045. The FT says an investment-grade rating would let Anthropic borrow at lower rates, while a junk designation would narrow the pool of capital it could tap.