Blackstone, an anchor investor in Anthropic's $63 billion chip financing deal known as "Project North Star," has informed investors that credit rating agencies are expected to assign Anthropic a double-B range rating, which is considered speculative grade. This outlook contrasts with earlier expectations that the AI company might achieve an investment-grade rating by the end of 2026. A "junk" rating would make it more expensive for Anthropic to raise debt in the corporate bond market and could complicate its plans to finance extensive AI infrastructure projects.

Anthropic, which develops the Claude AI chatbot, officially filed for an IPO on the Nasdaq exchange, expected by the end of November, under the ticker symbol "ANT." The company's IPO prospectus indicated first-half 2026 revenue of $16.3 billion but also an $80.7 billion net loss for the same period. Anthropic management attributed this loss to a rise in the fair value of its bonds converted into shares. The company projects spending over $800 billion on computing infrastructure by 2045.

An investment-grade rating would enable Anthropic to secure financing at lower costs, which is crucial for funding its artificial intelligence infrastructure and technology development. With over $112 billion in cash and an anticipated $100 billion from its IPO, Anthropic aims to manage its significant capital expenditures. However, the potential for a junk rating could restrict access to certain institutional investors, such as insurers and pension funds, which often have limitations on holding sub-investment-grade debt.

Smaller credit agencies have already assigned Anthropic speculative-grade ratings. Kroll Bond Rating Agency, for instance, assigned a BB+ issuer rating in June, placing it one notch below investment grade. Morningstar DBRS also assigned a BB rating to the subordinated loan in Project North Star. Major rating agencies like S&P, Moody's, and Fitch have not yet issued official ratings for Anthropic. The financial structure of Project North Star includes approximately $45 billion in senior debt, backed by Broadcom, and $18 billion in subordinated debt, which Blackstone acquired at a yield exceeding 10%. This yield demonstrates the higher cost of borrowing associated with speculative-grade debt.

The expected credit rating comes at a challenging time for AI stocks. The broader technology sector has recently experienced declines, with Intel's stock dropping significantly after its third-quarter 2026 earnings report and weaker fourth-quarter guidance. Intel's shares fell 28.58% on October 31, 2026, marking its worst single-day decline since the 1970s. This decline reduced the value of the U.S. government's approximately 10% stake in Intel by about $12 billion, though the investment remains profitable overall. Intel's Chief Financial Officer David Zinsner indicated that the personal computer market slowdown is expected to continue through at least the first half of 2027, exacerbated by rising costs for memory and other components.

CATEGORY: Tech Industry

SOURCES: - https://tipranks.com/news/anthropic-could-get-junk-credit-rating-after-ipo-warns-blackstone-bx - https://www.benzinga.com/markets/equities/26/10/29321473/intel-stock-rout-wipes-12-billion-off-uncle-sams-stake - https://www.incrypted.com/anthropic-faced-speculative-rating-assignment-issue-after-its-ipo/ - https://www.gurufocus.com/news/2360567/blackstones-insights-on-anthropics-credit-rating-after-ipo - https://www.tokenpost.com/Intel-s-28-58-Drop-Cuts-Federal-Stake-Value-by--12-Billion-178652