Blackstone no longer expects Anthropic to land an investment-grade credit rating after its IPO, the Financial Times reported. Blackstone is the anchor investor behind Anthropic's $63 billion chip-financing deal.
Kroll Bond Rating Agency gave Anthropic a BB+ rating in June, the top tier of junk grade, just below investment status. Blackstone now expects Fitch, Moody's and S&P to land in the same BB range after the IPO, reversing its earlier bet on an investment-grade rating by the end of 2026.
Within the $63 billion financing package, $42 billion in loans carry Broadcom's investment-grade guarantee and $18 billion are backed by Anthropic itself. Blackstone's own unsecured exposure totals $9 billion, yielding more than 10%.
Anthropic has committed $518 billion to computing infrastructure over the next decade. Revenue is still climbing. It rose to $16.8 billion in the third quarter of 2026, from $11.6 billion in the second. That growth rate was 45%, down from 147% the quarter before.
Goldman Sachs and Morgan Stanley pushed for an investment-grade rating for Anthropic. TechCrunch said both Anthropic and Blackstone would not comment.
Anthropic filed for its IPO on October 26. Fitch, Moody's and S&P have yet to issue official ratings, with a verdict expected only after the offering closes, likely in late November.
