Blackstone told investors it now expects Anthropic to get a high junk rating of about double-B once it’s public, dropping its earlier view that the IPO would push Anthropic to investment grade, according to the Financial Times. Blackstone owns $9 billion of the subordinated debt in Project North Star, a $63 billion deal to buy Google TPUs designed by Broadcom that Anthropic will lease, and it paid a yield above 10% for that stake. KBRA already rates Anthropic BB+, one notch short of investment grade, and S&P, Moody’s, and Fitch haven’t rated it yet. Anthropic is aiming to raise about $100 billion in a November IPO and has said it will spend more than $800 billion on AI infrastructure through 2045.
