Blackstone Predicts Anthropic May Receive a Speculative-Grade Rating Upon IPO, Amid Funding Pressure from an $800 Billion AI Compute Plan

Huo Xing Finance reports that on October 31, according to the Financial Times, citing sources familiar with the matter, Blackstone informed investors in its recent $63 billion chip financing deal with Anthropic that Anthropic may not receive an investment-grade rating immediately after its IPO. Major rating agencies are more likely to assign it a BB-range rating, which is speculative grade (commonly known as "junk" grade). Under S&P and Fitch’s rating system, BBB- and above are considered investment grade, while BB+ and below are speculative grade. If Anthropic ultimately receives a junk rating, its financing costs could rise, and the pool of capital available from institutions such as insurers and pension funds—restricted by regulations from investing in non-investment-grade securities—would shrink. The primary financing pressure stems from Anthropic’s massive compute expenditure plans. The company has previously disclosed its intention to invest over $800 billion in compute infrastructure by 2045. Although Anthropic currently holds more than $112 billion in cash and cash equivalents and plans to raise additional funds through its IPO, long-term compute commitments have raised investor concerns about its future funding needs and debt capacity. Following the report’s release, U.S. tech stocks declined further, with the Nasdaq 100 closing down 3.5%. However, Anthropic has not yet received an official credit rating from S&P, Moody’s, or Fitch; Blackstone’s assessment is not an official rating.