Blackstone expects Anthropic to potentially receive a junk rating after IPO, over $800 billion AI compute plan faces financing pressure.

October 31 - According to the Financial Times citing informed sources, Blackstone recently told investors in a $63 billion chip financing deal for Anthropic that Anthropic may not immediately obtain an investment-grade rating after going public, and major rating agencies are expected to more likely assign it a BB range rating, i.e., speculative grade (commonly known as "junk grade").

Under the rating systems of S&P and Fitch, BBB- and above is investment grade, while BB+ and below is speculative grade. If Anthropic ultimately receives a junk rating, its financing costs may rise, and the range of funds available from institutions subject to investment-grade investment restrictions, such as insurance companies and pension funds, will also narrow.

Financing pressure mainly comes from Anthropic's massive computing expenditure plan. The company previously disclosed that it plans to invest more than $800 billion in computing infrastructure by 2045. Although Anthropic currently holds more than $112 billion in cash and equivalents and plans to raise further funds through an IPO, long-term computing commitments still leave investors concerned about its future funding needs and debt capacity.

After the report was published, U.S. tech stocks fell further, with the Nasdaq 100 Index ultimately closing down 3.5%. However, Anthropic has not yet obtained a formal credit rating from S&P, Moody's, or Fitch, and Blackstone's judgment is not a formal rating result.