Anthropic is expected to receive a high “junk” credit rating from rating agencies after its initial public offering, according to a Financial Times report summarized by TechCrunch on October 30. The report says Blackstone, the anchor investor in a recent $63 billion deal to finance Anthropic’s chips, told investors it now expects a double-B rating, the top tier of speculative grade. That reverses an earlier message that the Claude maker would be investment grade before 2027. The forecast is a prediction, not a rating, and neither company would comment.
What the report says
The FT’s account, as relayed by TechCrunch, has three parts. First, Blackstone, which anchored the $63 billion financing of Anthropic’s chips, has told investors in that deal that it expects the AI lab to land in the double-B range after going public. Second, that is a change: Blackstone had previously said the opposite, that Anthropic would reach an investment-grade rating, which signals low risk for lenders, before 2027. Third, both Anthropic and Blackstone declined to comment when TechCrunch asked.
Double-B is the highest rung of what the market calls speculative or “junk” grade. It does not mean a company is about to default. It means rating agencies see more risk than they do for investment-grade borrowers, and lenders typically charge more interest and may attach stricter conditions.
Why a rating matters for an AI lab
Anthropic has spent the past year signing very large compute agreements. Our reports on its IPO filing and the leaked draft prospectus describe commitments to Google, Microsoft, Amazon and others that run into the tens or hundreds of billions of dollars. Paying for them requires continuous access to capital.
A lower rating makes that capital more expensive. TechCrunch notes that a high junk rating “would make it more difficult and costlier” for the company to raise the money that funds its spending, which has already worried investors. The details of the $63 billion deal have not been published in the sources we reviewed, so we cannot say how a lower rating would change its terms.
The IPO context
Anthropic officially filed to go public earlier this week, as we covered when the S-1 became public on October 26. The filing showed $16.3 billion in first-half 2026 revenue alongside a very large net loss that the company attributes largely to non-cash charges. The rating forecast arrives while investors are still working out how to value a business with rapid revenue growth and equally large infrastructure obligations.
The timing also matches a broader shift in sentiment. TechCrunch reports that investors are growing nervous about AI infrastructure spending as Alphabet, Amazon, Meta and Microsoft outline more than $740 billion of capital spending this year. On Friday the Nasdaq fell 2.9%, and negative free cash flow and rising debt are now central worries.
What is unknown
Several points remain unclear. The FT report rests on what Blackstone told investors; rating agencies have not published a rating. We do not know when the agencies would assess Anthropic, which of them would do so, or whether the company’s disclosures in the final prospectus could change their view. We also do not know why Blackstone changed its forecast. Anthropic has not commented.
What to watch next
- Any public statement from Anthropic or Blackstone on the expected rating.
- Ratings published by the agencies after the offering, if and when they appear.
- The pricing and size of the IPO, and how investors respond to the rating talk.
- Changes to the terms of the $63 billion chip-financing deal.
- Whether other AI labs and cloud providers with heavy borrowing face similar rating questions.
Key takeaways
- The FT reports Blackstone expects a double-B, top-tier speculative-grade rating for Anthropic after its IPO.
- Blackstone had earlier said Anthropic would be investment grade before 2027.
- Blackstone anchored a $63 billion deal to finance Anthropic’s chips.
- A junk rating would make borrowing costlier for a company with very large compute commitments.
- This is a forecast relayed second-hand; Anthropic and Blackstone declined to comment.
Frequently asked questions
What does a junk credit rating mean?
It is a speculative-grade rating, below investment grade. It signals higher risk for lenders, who usually demand higher interest rates. Double-B is the highest speculative tier.
Has Anthropic actually been rated?
No. The report describes what Blackstone expects after the IPO. Rating agencies have not published a rating, and Anthropic declined to comment.
Who is Blackstone in this story?
Blackstone is an investment firm that anchored a $63 billion deal to finance Anthropic’s chips, according to the Financial Times as summarized by TechCrunch.
