Anthropic Could Face High Junk Rating After IPO as Compute Spending Tests Financing

Anthropic is preparing to enter public markets, but the capital required to support its expansion could become just as important as the IPO itself. According to the Financial Times, Blackstone expects the Claude maker to receive a high speculative-grade, or “junk,” credit rating after going public. The report places the possible rating in the double-B range.

A changed credit outlook

Blackstone is the anchor investor in a recently reported $63 billion transaction intended to finance chips for Anthropic. The Financial Times says Blackstone had previously told investors that Anthropic could receive an investment-grade rating before 2027. Its newer expectation is that the company may instead sit near the top of the speculative-grade category.

That distinction matters, but it is important not to treat the forecast as a final rating decision. Credit agencies have not been reported as issuing the rating, and both Anthropic and Blackstone declined to comment to TechCrunch.

Key points

• A double-B rating is generally considered speculative grade, although it is near the stronger end of the junk-rating spectrum.
• A rating below investment grade can increase the risk premium attached to corporate debt and other forms of borrowing.
• Anthropic has continued signing large compute and chip-related deals, increasing the importance of reliable access to capital.
• The company formally filed to go public earlier this week, opening a wider debate about how its spending model will be judged by public investors.

Why the rating could matter

Advanced AI development requires continuing investment in chips, data-center capacity and model operations. For a company still expanding aggressively, financing terms can affect more than interest expense: they can influence how quickly Anthropic adds compute, launches products and competes with other AI labs.

If the reported outlook becomes an actual high junk rating, Anthropic may face higher debt costs. It could then need to rely more heavily on equity financing, strategic investment or other structured funding arrangements. A credit rating, however, would be only one part of the IPO story. Revenue growth, customer retention, demand for its models and progress toward stronger cash generation would also shape how investors value the company.

The report highlights a broader shift in the AI market. Investors are still willing to fund frontier-model development and large infrastructure commitments, but the standard for capital efficiency is becoming more demanding. Anthropic’s IPO will therefore test not only investor appetite for AI, but also whether sustained compute spending can eventually produce a durable and financeable business.

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