Blackstone Expects Anthropic to Receive High 'Junk' Rating Post-IPO, Reversing Prior Investment-Grade Forecast
Per FT reporting, Blackstone, the anchor investor in Anthropic's chip financing, now expects the AI lab to receive a BB-level 'high junk' rating after its IPO, downgrading from its previous investment-grade prediction.
According to a report by the Financial Times, private equity giant Blackstone has revised its expectations for AI lab Anthropic's credit rating following its initial public offering. As the anchor investor in a recent $63 billion deal to finance Anthropic’s chips, Blackstone told investors in the transaction that it expects the company to receive a "high" junk rating after its IPO, specifically in the double-B range, which is the top tier of speculative-grade debt.
This outlook contrasts sharply with Blackstone's previous stance. The FT noted that Blackstone had earlier indicated Anthropic would achieve an investment-grade rating before 2027, implying low risk for lenders. While this remains a prediction rather than an official rating agency decision, a high junk rating would make it more difficult and costly for Anthropic to raise funds to support its massive spending on compute power.
Anthropic officially filed to go public earlier this week. The shift in Blackstone's expectation reflects growing concerns about credit risk in the AI infrastructure sector, amid rising interest rates and a surge in debt offerings.