# Blackstone warns Anthropic’s IPO debt may get junk rating

Digest AI · Business & Funding · published 2026-10-30T08:32:00Z · updated 2026-10-30T21:52:03Z

Canonical: https://digestai.news/story/blackstone-warns-anthropics-ipo-debt-may-get-junk-rating

## Summary

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.

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.

## 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

## Why it matters

A junk rating would limit Anthropic’s access to cheap institutional funding, complicating its $63B infrastructure push and IPO ambitions.

## Sources

1. [Anthropic IPO: Blackstone warns AI firm may receive junk credit rating: report](https://invezz.com/news/2026/10/30/anthropic-ipo-blackstone-warns-ai-firm-may-receive-junk-credit-rating-report) (invezz.com, 2026-10-30)
2. [Anthropic expected to receive high ‘junk’ rating from credit agencies following IPO, report says](https://techcrunch.com/2026/10/30/anthropic-expected-to-receive-high-junk-rating-from-credit-agencies-following-ipo-report-says) (TechCrunch AI, 2026-10-30)

Part of the developing story: [Anthropic's Public Benefit Fund Initiative](https://digestai.news/thread/tam-etf-adds-anthropic-to-photonics-focused-fund-ahead-of-ipo) (3 stories)

## Cite

Digest AI, "Blackstone warns Anthropic’s IPO debt may get junk rating", 30 October 2026, https://digestai.news/story/blackstone-warns-anthropics-ipo-debt-may-get-junk-rating

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