Anthropic Faces Double B Junk Rating After IPO, Blackstone Predicts
Blackstone expects Anthropic to receive a double B junk rating after its IPO, threatening higher funding costs as the Claude maker expands compute spending.
Summary
Blackstone expects Anthropic to receive a double B credit rating after its initial public offering, placing the Claude developer in the highest tier of speculative, or junk, debt. The investment giant, anchor investor in a recent $63 billion deal financing Anthropic’s chips, previously told investors the AI lab would secure an investment-grade rating, signaling low lender risk, before 2027.
The forecast, disclosed October 30, 2026, is not an official agency decision, and Anthropic and Blackstone declined to comment. A junk rating could make borrowing harder and more expensive as Anthropic funds large compute deals accumulated over the past 12 months, spending that has concerned investors. Anthropic formally filed to go public earlier this week, prompting scrutiny of how the large offering could affect the wider AI industry.
Positives
- Double B would place Anthropic in the highest tier of speculative-grade debt rather than lower junk categories.
- $63 billion in recent chip financing demonstrates Anthropic’s access to substantial capital for AI infrastructure.
- Anthropic formally filed for an IPO earlier this week, advancing its path to public markets.
- Blackstone previously expected the Claude developer to achieve an investment-grade rating before 2027.
Risks & concerns
- Blackstone now expects a double B junk rating after Anthropic’s IPO, reversing its earlier investment-grade forecast.
- A speculative-grade rating could make Anthropic’s future borrowing more difficult and expensive.
- Large compute agreements accumulated over the past 12 months have increased investor concern about Anthropic’s spending.
- Anthropic and Blackstone declined to comment, leaving the changed credit outlook unexplained.
- The double B forecast remains a prediction rather than an official credit agency decision.