Anthropic may stay below investment grade after IPO

Blackstone expects Anthropic to receive a double-B credit rating after its proposed IPO, according to Financial Times reporting. That forecast is not a new rating decision by credit agencies. Kroll Bond Rating Agency had already assigned Anthropic a BB+ rating in June, the FT separately reported. The distinction matters as investors weigh the company’s rapid growth against its major financing needs.

Blackstone told investors it now expects Anthropic to receive a rating in the double-B range after the IPO, the Financial Times reported. The report said Blackstone previously expected investment-grade status before 2027. A double-B rating would instead place Anthropic below the investment-grade threshold.

The forecast came from Blackstone, a financing participant, not from a fresh agency rating action. It remains a prediction, not a confirmed post-IPO rating. Blackstone’s view could change before the offering is complete.

The “junk rating after IPO” framing needs a key qualification. The Financial Times reported in October that KBRA assigned Anthropic a BB+ issuer rating in June. The report also linked a BB+ rating to about $4.4 billion of junior debt in a separate $35 billion chip-financing package.

KBRA’s rating scale places BB in its speculative-grade category, below BBB, which it defines as medium quality. It describes BB-rated issuers as having low quality and moderate risk of credit-related loss. In plain terms, a BB+ rating sits near the top of the speculative range, not at the edge of default.

That makes the latest forecast different from a downgrade. Blackstone’s reported view suggests Anthropic may not move into investment-grade territory immediately after going public. It does not show that a rating agency cut the company’s grade this month.

Anthropic filed an S-1 registration statement on October 26 for a proposed IPO. The filing says the company has not yet set the number of shares or the offering price. The proposed IPO has not yet closed.

The SEC filing reports $16.3 billion in revenue for the first half of 2026. Anthropic recorded a $693 million operating loss and an $80.7 billion net loss over the same period. The net loss included a $72.4 billion change in the fair value of convertible notes, derivatives and similar instruments.

That net-loss figure includes a large non-operating fair-value item, so it does not represent operating loss alone. The company spent $8.9 billion on compute and infrastructure in the first half. Its filing warns that multi-year computing commitments require rapid revenue growth and may require additional capital.

A credit rating is an agency’s view of an issuer’s ability to meet debt obligations. Investment-grade ratings can broaden access to some lenders and investors, while speculative-grade ratings generally signal higher credit risk. They do not rate a company’s technology or determine whether its shares will rise.

The Blackstone forecast appeared as part of a larger chip-financing story. Reuters reported that Bank of America, Blackstone, Citi and Morgan Stanley arranged $63 billion to buy Broadcom accelerators and networking equipment for Anthropic. The financing vehicle will lease the equipment to Anthropic, with Broadcom providing support tied to asset value.

The deal includes roughly $43.5 billion in senior loans, while Blackstone committed the second-lien financing. This is not simply a $63 billion loan directly issued to Anthropic. Still, the scale of the arrangement highlights how lenders and investors are testing the business case for expensive AI infrastructure.

Anthropic’s S-1 also flags the mismatch between consumption-based revenue and long-term commitments. “Our revenue is primarily consumption-based, and much of it is not subject to long-term contractual commitments, while our compute and infrastructure commitments generally extend over multiple years.” — Anthropic’s S-1 prospectus. That warning gives context to lenders’ scrutiny, but it does not indicate a missed payment or default.

Ultimately, Blackstone’s reported forecast points to a possible double-B rating after Anthropic’s IPO, not a new agency downgrade. KBRA’s BB+ assessment dates to June, while Anthropic’s public offering remains proposed. Investors will watch for any updated agency opinions as the IPO process advances. For now, the reported forecast is a warning about credit expectations, not a verdict on the shares.