Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating following its IPO, reversing earlier expectations, according to the Financial Times.
The AI company is reportedly expected to receive a BB-range rating, potentially raising borrowing costs and limiting access to institutional capital.
Anthropic plans to spend over $800 billion on computing infrastructure through 2045, while its $63 billion Project North Star financing relies heavily on guarantees from investment-grade-rated Broadcom.
The company reportedly holds over $112 billion in cash and could raise another $100 billion through its IPO.