Anthropic could face higher borrowing costs even after its highly anticipated initial public offering, with Blackstone warning investors that the artificial intelligence startup may struggle to secure an investment-grade credit rating following its listing.
Blackstone has told investors involved in Anthropic’s $63 billion chip financing deal that the Claude developer may initially receive a non-investment-grade rating, commonly known as junk status, the Financial Times first reported, citing people familiar with the matter. That marks a shift from the firm’s earlier expectation that Anthropic would secure an investment-grade rating by year-end.
The warning could complicate Anthropic’s efforts to finance an ambitious infrastructure expansion. Insurers and pension funds, which represent major sources of institutional capital, often face restrictions on how much below-investment-grade debt they can hold. A junk rating could therefore limit the pool of potential lenders and force Anthropic to offer higher yields to attract investors.
The financing, known as Project North Star, includes more than $42 billion in senior loans guaranteed by Broadcom Inc. (NASDAQ:AVGO) and $18 billion in subordinated debt. The subordinated portion has received preliminary ratings of BB+ from KBRA, with a positive outlook, and BB from Morningstar DBRS, BigGo Finance reported.
Blackstone funds have subscribed to $9 billion of the financing at a yield above 10%, according to the report. Fitch Ratings, Moody’s Ratings and S&P Global Ratings have yet to issue formal credit ratings on Anthropic.
The potential ratings setback comes as Anthropic prepares for what could become one of the largest public offerings in history. The company is expected to list on the Nasdaq under the ticker “ANT” by the end of November, with pre-IPO valuation expectations reportedly ranging from $1.5 trillion to $2 trillion.
Anthropic’s funding requirements are substantial. The company’s prospectus outlines plans to invest more than $800 billion in computing infrastructure through 2045. Despite holding more than $112 billion in cash and equivalents, the company will likely need continued access to debt and equity markets to support its expansion.
Anthropic reported $16.3 billion in first-half 2026 revenue, alongside an $80.7 billion net loss. The company attributed much of the loss to accounting adjustments tied to the fair value of convertible bonds rather than deterioration in its underlying business.
The ratings question highlights a potential divide between Anthropic’s enormous equity-market valuation and how traditional credit investors assess its ability to borrow. Even a successful IPO may not immediately translate into cheaper financing for the infrastructure spending needed to sustain its AI ambitions.
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