Blackstone told investors Anthropic could receive a high-yield, below-investment-grade rating after its proposed initial public offering (IPO), the Financial Times reported, putting credit risk in focus as the AI company lines up major compute financing.
The Financial Times said Blackstone’s view marked a reversal from an earlier expectation that Anthropic could earn an investment-grade rating. The reported outlook is not a rating-agency decision or a public Blackstone announcement.
The Financial Times also reported that Kroll Bond Rating Agency (KBRA) assigned Anthropic a BB+ issuer rating in June, one notch below investment grade. KBRA’s published scale classifies BB as low quality and BBB as medium quality.
Anthropic filed a proposed IPO registration statement with the U.S. Securities and Exchange Commission on Oct. 26 and said it intends to list on Nasdaq under the symbol ANT. It had not set the share count or price range, and the registration statement was not yet effective.
As of June 30, 2026, Anthropic reported $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments. The filing says substantially all remaining compute and infrastructure commitments are expected to be incurred between 2031 and 2045. The SEC-hosted filing text leaves the aggregate amount blank.
Anthropic’s filing describes infrastructure outlays arriving before the related computing capacity produces revenue. The company said this timing would involve “a significant use of net cash in operating and investing activities for the foreseeable future.”
On Oct. 26, Blackstone announced a financing structure worth $63 billion to fund Broadcom XPU accelerators and networking equipment for lease to Anthropic. Bank of America, Citi and Morgan Stanley will arrange first-lien financing, while Blackstone will provide committed second-lien financing. The announcement did not state the size of Blackstone’s commitment. Broadcom will provide residual-value support equivalent to the first-lien amount, with deliveries expected to begin in 2027.
Blackstone President and COO Jon Gray said rising AI demand creates “an enormous opportunity to finance compute capacity at scale.” Anthropic’s filing had not set the IPO’s share count or price range, and the registration statement was not yet effective.
