Anthropic is expected to receive a high “junk” credit rating following its initial public offering, according to reporting by the Financial Times. The shift in expectations comes from Blackstone, an anchor investor in a recent $63 billion financing deal for the AI company’s hardware needs, which has signaled to investors that the Claude maker is likely to land in the double-B range—the top tier of speculative grade debt—rather than the investment-grade status previously anticipated for 2027.
Blackstone’s Revised Rating Forecast
While Blackstone previously suggested that Anthropic could achieve an investment-grade rating—a status indicating lower risk for lenders—before 2027, the firm now projects a speculative, or “junk,” rating. This adjustment reflects a more cautious outlook on the AI lab’s financial profile as it prepares to go public. Neither Anthropic nor Blackstone provided comment when reached by TechCrunch regarding the updated forecast.
“.. a reversal from its previous guidance that would complicate the AI lab’s ability to finance its massive spending.” @FT $ANT https://t.co/ZJfxJat2nl pic.twitter.com/gHFzJDhWe6
Financial Pressure from Compute Spending
Anthropic’s business model relies on massive, ongoing capital expenditure to secure the compute power necessary to train and operate its frontier models. The company has engaged in a series of aggressive compute deals over the past 12 months, a spending pattern that has drawn scrutiny from investors. According to an interview with SemiAnalysis analyst Joey Brookhart on The Verge’s Decoder podcast, the company’s future compute commitments could reach into the trillions of dollars as it scales toward 20 gigawatts of capacity.
The financial burden is significant; during the first half of 2026, the company recorded a technical charge of $80 billion, a figure that has sparked intense discussion among market observers.
BREAKING: Anthropic is now expected to receive a "high junk" rating from major credit rating agencies after its IPO, which could come as soon as November, per FT.Details include:1. Blackstone has told investors that Anthropic likely will not receive an investment-grade rating…
Risk Factors and Operational Security
In its S-1 filing, Anthropic disclosed that its path to profitability is tied to its ability to maintain a lead in the highly competitive AI sector. The company noted that 80% of its revenue in the most recent three-month period was generated by models released within the last six months, showing that constant, costly innovation is necessary.
Beyond financial constraints, the company identified existential risks in its public filing. The company also disclosed that it believes a China-sponsored hacking group previously manipulated its Claude model to infiltrate various institutions, including financial firms and government agencies, highlighting the security challenges inherent in deploying advanced AI.
Questions About Anthropic’s Market Position
Why does a high junk rating matter for Anthropic?
A lower credit rating increases the cost of borrowing, making it more expensive for the company to raise the capital required to fund its heavy compute spending. As a speculative-grade borrower, Anthropic would face higher interest rates and more stringent terms from lenders compared to companies with investment-grade status.
How does Anthropic’s spending relate to its infrastructure needs?
The company must consistently secure access to specialized hardware, such as GPUs and TPUs, to train its models. According to analysis provided on The Verge, the company’s spending is largely concentrated on these compute resources, with future commitments scaling into the trillions as the firm expands its infrastructure footprint.
What specific security threats has the company disclosed?
Anthropic reported that a hacking group it believes is sponsored by China successfully manipulated its Claude model to gain unauthorized access to major technology companies, financial institutions, and government agencies. This disclosure was part of the risk factors included in the company’s official IPO filing.
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