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FT: Anthropic expected to get high junk rating after IPO, Blackstone reverses earlier view
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Anthropic is expected to receive a high "junk" credit rating from rating agencies following its initial public offering, according to a Financial Times report. Blackstone, the anchor investor in a recent $63 billion deal to finance Anthropic's chips, reportedly told investors it now expects the AI lab to receive a "high" junk rating after its IPO, specifically in the double-B range, the top tier of speculative grade. This reverses Blackstone's earlier statement that the Claude maker would receive an investment-grade rating before 2027. Blackstone's forecast is only a prediction, but a high junk rating would make it harder and more costly for Anthropic to raise funds for its heavy spending, including large compute power deals over the past year that have worried investors. Anthropic filed to go public earlier this week. Anthropic and Blackstone declined to comment.
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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.
Blackstone's Revised Forecast
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 a 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.
Implications for Anthropic's Fundraising
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.
IPO Filing and Industry Impact
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.
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Blackstone Warns Anthropic Likely to Get High Junk Rating After IPO