Blackstone Warns Anthropic May Receive Junk Credit Rating After IPO

31 October 2026 · Source balance: Centre

Anthropic, an artificial intelligence company developing the Claude model, is preparing for one of the largest initial public offerings on record. However, investment bank Blackstone recently told investors that the company may not receive an investment-grade credit rating after going public. Instead, Blackstone now expects Anthropic to receive a high junk rating in the double-B range. This represents a significant reversal from earlier guidance when Blackstone said Anthropic would secure investment-grade status by year-end. The concern centers on Anthropic's massive computing obligations. The company plans to spend more than 800 billion dollars through 2045 on infrastructure. With over 112 billion dollars in cash and expected to raise roughly 100 billion more through the IPO, funding itself is not the immediate problem. However, credit rating agencies weigh future liabilities against revenue and cash flow. Anthropic has already received a BB-plus rating from Kroll Bond Rating Agency in June, one notch below investment grade. A junk rating would narrow the pool of lenders available to Anthropic and increase borrowing costs significantly.