Blackstone warned investors during October 2026 financing discussions that Anthropic might not receive an investment-grade credit rating immediately after its IPO, the Financial Times reported. After consulting rating agencies, Blackstone shifted from expecting investment grade by the end of 2026 to targeting BB or higher. Fitch, Moody’s and S&P have not officially rated Anthropic.
A rating below investment grade could restrict some lenders and raise Anthropic’s borrowing costs as it pursues infrastructure financing. Banks closed financing for North Star, a $63 billion project to fund Anthropic’s lease of 1.5 GW of Google semiconductor capacity. Anthropic’s IPO prospectus outlines plans to spend more than $800 billion on computing infrastructure by 2045.
