Blackstone: Anthropic may not immediately secure an investment-grade rating after its listing, and its financing sources could be constrained.

Beating AI News Flash: According to the Financial Times, citing sources familiar with the matter, Blackstone has informed investors in Anthropic’s latest $63 billion chip financing deal that the AI firm may not immediately obtain an investment-grade credit rating after its IPO, and is expected to receive a high-grade non-investment-grade (junk) rating. This contradicts Blackstone’s earlier guidance that Anthropic would secure an investment-grade rating by the end of the year. The development could limit Anthropic’s financing options, as many insurance and pension funds are barred from making large investments in junk-rated borrowers. Anthropic may need to continue relying on high-credit-rating providers to support its financing. Its prospectus shows the company plans to invest over $800 billion in building computing infrastructure by 2045. Securing an investment-grade credit rating is critical to meeting these targets, as it would enable Anthropic to borrow at lower interest rates to fund its AI infrastructure projects. The group holds more than $112 billion in cash and equivalents, and investors expect it to raise an additional roughly $100 billion in its IPO. In the "Project North Star" financing, over $42 billion in senior loans are guaranteed by Broadcom. The $18 billion subordinated debt has received a BB+ rating from KBRA with a positive outlook, and a BB rating from Morningstar DBRS. A Blackstone fund has invested $9 billion in this tranche, with a yield exceeding 10%. The three major rating agencies—Fitch, Moody’s, and S&P—have not yet formally assigned a credit rating to Anthropic.