Anthropic has $112 billion, faces junk rating

Anthropic is expected to get a high junk credit rating after its stock market listing, the Financial Times reported on the 30th of October 2026. The FT cited people familiar with the matter.

A credit rating tells lenders how risky a borrower is. Junk means below the safer investment grade, which makes borrowing cost more.

Blackstone changed its view

Investment firm Blackstone told investors that a rating in the BB range or higher is now more likely, the FT reported. BB is the top tier of junk.

Blackstone had earlier said Anthropic would get an investment grade rating, TechCrunch reported, citing the FT. Blackstone is the anchor investor in a 63 billion dollar deal to pay for Anthropic's chips.

Why it matters

Many pension funds and insurers are barred from holding large amounts of lower rated debt, the FT reported. That would shrink the pool of lenders for Anthropic.

Anthropic has more than 112 billion dollars in cash, the FT said. Investors expect its share sale to raise about 100 billion dollars more.

No official rating yet

Fitch, Moody's and S&P, the three biggest rating firms, have not yet given Anthropic a rating, the FT said. Blackstone's view is a forecast.

Anthropic and Blackstone declined to comment to TechCrunch.

Below we break down the chip deal

More than 42 billion dollars of the chip deal's debt is backed by chipmaker Broadcom, the FT said. Another 18 billion dollars was rated BB plus by Kroll Bond Rating Agency.

Together that is more than 60 billion dollars of the 63 billion dollar deal, by our arithmetic.

Key facts

Blackstone expects Anthropic to get a high junk rating after its listing, the FT said.

Blackstone had earlier expected an investment grade rating.

The three biggest rating firms have not rated Anthropic yet.

Anthropic has more than 112 billion dollars in cash, the FT said.

Anthropic and Blackstone declined to comment.