Blackstone Expects Anthropic to Miss Investment-Grade Rating After IPO

Anthropic plans to go public next month, which could set a record as the largest IPO in history. Its filing shows the company plans to spend over $800 billion on computing infrastructure through 2045.

According to the Financial Times, Blackstone told investors in Anthropic's latest $63 billion chip financing deal that major rating agencies are more likely to give the company a high speculative-grade rating after listing, not an investment-grade one. This reverses its earlier expectation.

An investment-grade rating would let Anthropic borrow at lower rates. A speculative rating shrinks its funding options, as many insurers and pension funds cannot invest heavily in speculative-grade debt.

The company holds over $112 billion in cash, and its IPO may raise about $100 billion. Wall Street banks completed financing for its Google chip rentals, with over $42 billion in senior loans backed by Broadcom, which holds an investment-grade rating.