Blackstone warns Anthropic’s IPO debt may get junk rating
Blackstone told investors Anthropic’s upcoming IPO could receive a junk (double-B) credit rating, according to a Financial Times report citing people familiar with the matter. This downgrade from earlier guidance—when Blackstone suggested an investment-grade rating was possible—would raise borrowing costs for Anthropic, which plans to spend heavily on computing infrastructure.
Key points
- Blackstone warns Anthropic’s IPO debt may get a junk (double-B) rating, raising borrowing costs
- Project North Star’s $63B deal includes $42B senior debt guaranteed by Broadcom, $18B junior debt rated double-B-plus
The warning comes as Anthropic finalizes Project North Star, a $63 billion financing deal for 1.5 gigawatts of Google semiconductors. Broadcom backs over $42 billion of senior debt with its investment-grade rating, while $18 billion in junior debt carries a double-B-plus rating from Kroll Bond Rating Agency. Blackstone invested $9 billion in the junior tranche at a yield above 10%. Rating agencies like Fitch, Moody’s, and S&P have not yet assigned Anthropic an official rating, but their assessments will determine whether the company faces higher financing costs or restricted access to institutional capital.
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Anthropic IPO: Blackstone warns AI firm may receive junk credit rating: report
invezz.com · 30 October 2026
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