Key facts
- Blackstone warned Anthropic may receive a speculative-grade credit rating post-IPO.
- Anthropic plans to spend over USD 800 billion on computing infrastructure through 2045.
- KBRA assigned Anthropic a BB+ rating, one notch below investment grade.
- Anthropic secured USD 63 billion in financing for computing power leases.
- Blackstone funds invested USD 9 billion in junior debt for the financing.
Blackstone has warned investors that AI company Anthropic may receive a speculative-grade credit rating following its planned initial public offering. The AI firm is preparing to spend over USD 800 billion on computing infrastructure through 2045. Blackstone expects Anthropic to remain below investment grade, a rating that could limit access for some institutional lenders and lead to higher borrowing costs. Earlier this month, KBRA assigned Anthropic a BB+ rating, one notch below investment grade, while Fitch, Moody's, and S&P have not yet issued official ratings. The credit warning follows Anthropic's completion of a USD 63 billion financing arrangement, known as Project North Star, which will enable leases for 1.5 gigawatts of computing power. Blackstone-managed funds invested USD 9 billion into the junior component of this financing, which is yielding over 10%.