- Blackstone now expects Anthropic to receive a high “junk” credit rating following its IPO, reversing an earlier forecast of an investment-grade rating before 2027.
- Blackstone is the anchor investor in a $63 billion deal financing Anthropic’s chip purchases.
- The revised forecast points to a double-B rating, the top tier of speculative-grade “junk” debt, per the Financial Times.
- Both Anthropic and Blackstone declined to comment on the report.
What Happened
Anthropic is expected to receive a high “junk” rating from credit agencies after its initial public offering, according to a Financial Times report cited by TechCrunch on October 30, 2026. Blackstone, anchor investor in a $63 billion deal financing Anthropic’s chip infrastructure, had previously told investors to expect an investment-grade rating before 2027; it now projects a double-B rating instead.
Why It Matters
The downgraded forecast lands days after Anthropic officially filed for its IPO, disclosing an $80.7 billion net loss, kicking off scrutiny of how the offering will reshape the broader AI industry’s access to capital.
Technical Details
A junk rating, even at the top speculative-grade tier, raises the cost of future debt issuance compared with an investment-grade rating. Anthropic has spent heavily on compute commitments over the past 12 months, a trajectory also visible in its recent revenue growth curve, which investors have weighed against its mounting losses.
Who’s Affected
Anthropic’s ability to raise future debt cheaply is directly affected, as is Blackstone’s own risk exposure through the $63 billion chip-financing deal. Prospective IPO investors will factor the rating outlook into how they price the offering.
What’s Next
The actual rating will not be confirmed until after Anthropic’s IPO prices and credit agencies complete their formal review. Anthropic and Blackstone have not commented publicly beyond declining to confirm or dispute the FT’s reporting.
