Blackstone has told investors that Anthropic may receive a sub-investment-grade credit rating after its planned IPO, revising earlier expectations and potentially raising the AI company’s financing costs, according to a report by the Financial Times.
The private capital manager communicated the revised outlook to investors in Anthropic’s $63bn chip financing transaction, Project North Star. Blackstone’s funds have invested $9bn in the deal’s junior debt at a yield exceeding 10%.
Anthropic’s prospectus outlines plans to spend more than $800bn on computing infrastructure through 2045. A junk rating could restrict access to institutional capital, including from insurers and pension funds, and increase its reliance on guarantees from more highly rated suppliers.
More than $42bn of North Star’s senior loans is guaranteed by Broadcom, while $18bn of junior debt is backed by Anthropic’s lease payments. The junior tranche has received ratings of BB+ from Kroll Bond Rating Agency and BB from Morningstar DBRS; Fitch, Moody’s and S&P have yet to issue ratings for Anthropic itself.
