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Blackstone expects Anthropic, the developer of Claude, to receive a credit rating in the BB range after going public (techcrunch.com). This is the highest tier of the speculative category, commonly known as “junk”. Such a rating could make raising money more expensive and difficult for the company.
What happened
According to the Financial Times, Blackstone shared its forecast with participants in a $63 billion deal to finance chips for Anthropic. The investment firm is an anchor investor in the deal — one of its key financial backers.
Blackstone previously expected Anthropic to receive an investment-grade rating before 2027. Such a rating indicates low risk for lenders. Blackstone now forecasts a rating in the BB range, which falls within the speculative category.
Why the rating matters for Anthropic’s funding
The difference between the categories reflects the risk to those providing the company with money. The BB range is the highest tier of “junk” ratings but remains below investment grade. If the forecast proves correct, Anthropic could find raising funds more expensive and difficult.
For AI developer Anthropic, this matters given its heavy spending. Over the past 12 months, the company has struck major deals for computing capacity. That spending is worrying investors.
The company needs further funding to sustain the spending its business depends on. Any increase in borrowing costs therefore affects Anthropic’s ability to cover those expenses.
What is known about the IPO
During the week covered by the October 30 report, Anthropic officially filed for an IPO — an initial public offering of shares. The move prompted speculation about how a major listing would affect the artificial intelligence industry.
Blackstone’s forecast concerns the rating after the IPO. The expected BB range is the investor’s assessment, as reported by the Financial Times.
TechCrunch contacted Anthropic and Blackstone for comment. Both companies declined to comment.
