Anthropic may not secure investment-grade rating after IPO, Blackstone says
The Financial Times reported that Blackstone, an anchor investor in Project North Star, has told investors Anthropic may not hold an investment-grade rating right after its IPO. Blackstone had previously expected that rating by year-end, so the new view reverses its earlier guidance. Project North Star is a $63 billion chip financing that supports leasing 1.5 gigawatts of Google's AI chips.
The structure splits the debt in two. More than $42 billion of the senior loans carries a guarantee from Broadcom, which holds an investment-grade rating. The other $18 billion depends on Anthropic's own credit, and Blackstone funds took roughly $9 billion of that junior slice at yields above 10%.
Kroll Bond Rating Agency gave Anthropic a BB+ in June, one notch below the investment-grade line. Anthropic filed a Form S-1 on October 26 to list Class A shares on the Nasdaq under the ticker ANT, but the filing leaves the price range and share count blank. Neither Blackstone nor Anthropic commented, and Fitch, Moody's and S&P have issued no rating.
Why it matters
Debt pricing is the core issue. An investment-grade rating would let Anthropic borrow at lower rates to fund its infrastructure plans, while a junk label pushes those costs higher. Pension funds and insurers often avoid below-investment-grade debt, which narrows the pool of buyers for any bond Anthropic issues after listing.
The deal also shows a workaround for founders and infrastructure partners. When a borrower's own rating is weak, a guarantee from an investment-grade supplier can bring in institutional money. If Anthropic stays below the line, borrowing that leans on a supplier's credit is likely to be copied, so operators negotiating compute contracts should expect lenders to request similar backing. Investors in the junior tranche are being paid above 10% for taking that risk.
Key points
- 1Blackstone now expects Anthropic to be rated in the double-B range, below investment grade, after its IPO.
- 2Project North Star totals $63 billion, with more than $42 billion of senior loans guaranteed by Broadcom.
- 3The remaining $18 billion rests on Anthropic's own credit, and Blackstone funds hold about $9 billion of it.
- 4Kroll Bond Rating Agency rated Anthropic BB+ in June, one notch below the investment-grade line.
- 5Anthropic's S-1, filed October 26, targets a Nasdaq listing under ANT with price range and share count still unset.
