Blackstone Sees Anthropic Rated in BB Range After Expected IPO
Key Facts
Blackstone expects Anthropic’s credit rating after its anticipated public offering to fall within the BB range, the highest level of speculative-grade ratings, TechCrunch reported, citing the Financial Times. That marks a shift from the firm’s earlier estimate that Anthropic could receive an investment-grade rating before the start of 2027. The BB range remains Blackstone’s forecast, not a decision by a credit-rating agency. Nor does the forecast establish that Anthropic’s debt has already been repriced or is trading at a specific yield. The difference between the two estimates puts the company’s credit risk assessment at the center of preparations for a potential offering.
Blackstone previously indicated that Anthropic, the developer of Claude, could attain investment grade before 2027, a category that signals lower risk for lenders. The latest forecast places it in the BB range, at the upper end of speculative-grade ratings. TechCrunch’s report, citing the Financial Times, describes this change in Blackstone’s estimate without attributing the range forecast to any specific agency. The report therefore does not support claims that Moody’s, S&P or Fitch has issued an official rating for the company. The matter remains a forecast of a post-offering rating, not a rating currently in force and publicly announced.
The risk assessment comes as Anthropic disclosed rapid business growth in a registration filing submitted to the U.S. Securities and Exchange Commission on October 26, 2026, ahead of its offering. Revenue reached $16.3 billion in the six months ended June 30, 2026, up 1,300% year over year, according to the filing. Over the same period, the company recorded an operating loss of $693 million, compared with a loss of $2.1 billion in the six months ended June 30, 2025. The figures show revenue expanding alongside continued operating losses, two aspects of the financial picture potential investors will review. Anthropic also disclosed total debt of $6.2 billion as of June 30, 2026.
The disclosures also show a significant change in the fair value of specified securities and financial instruments: $72.4 billion in the six months ended June 30, 2026, compared with $10.9 billion in the same period of 2025. Anthropic said the change increased by $61.4 billion, or 562%, year over year, attributing the increase mainly to the higher value of its convertible promissory notes as the company’s valuation rose. This item provides context for the reported loss, linking part of the fair-value movement to convertible financing instruments and a change in the company’s valuation. At the same time, computing and infrastructure expenses rose by $6.6 billion, or 283%, in the first half of 2026 compared with the same period of 2025. The disclosure reflects wider spending on computing capacity alongside business growth, while the operating loss remains a separate figure reported in the filing.
Computing needs are linked to a $63 billion financing deal announced on October 26 by a consortium including Broadcom, Bank of America, Blackstone, Citi and Morgan Stanley to enable the deployment of AI computing capacity for Anthropic. According to Broadcom, the deal’s structure uses a special-purpose vehicle to buy Broadcom accelerators and networking solutions and then lease them to Anthropic. Bank of America, Citi and Morgan Stanley are arranging the first tranche of financing, while Blackstone alone is providing the committed portion of the second tranche. The structure puts Blackstone directly in the financing of the computing infrastructure Anthropic relies on, alongside its role in forecasting the rating range after the offering. Broadcom said deliveries under the deal are expected to begin in 2027.
The registration filing submitted on October 26 is part of preparations for a stock offering, but the reported facts do not set a final date for its completion. In its disclosure, Anthropic combined revenue growth with acknowledgment of operating losses and outstanding debt, while explaining part of the large fair-value changes through the rising value of convertible notes as its valuation increased. On the financing side, the announced deal remains tied to expanding computing capacity, with deliveries expected to begin in 2027. The BB rating remains Blackstone’s forecast as reported by the Financial Times; the facts presented include no official rating outcome from an agency. Blackstone shares closed at $118.51 on October 30, 2026, according to EL7 data.