Anthropic IPO could face a speculative-grade credit rating

Anthropic says it filed a Form S-1 registration statement for a proposed IPO of its Class A common stock.[3] The company intends to list the shares on the Nasdaq Global Select Market under the symbol ANT.[3] It has not yet determined how many shares it will offer or the proposed price range.[3] Anthropic also says the securities cannot be sold, and offers to buy them cannot be accepted, before the registration statement becomes effective.[3] Coinpedia reported that the IPO could take place as soon as November, but that is a reported possibility rather than a confirmed offering date.[2]

TechCrunch reported that Blackstone expects Anthropic to receive a high-yield, or “junk,” rating after its IPO, with a rating in the double-B range.[1] TechCrunch describes double-B as the top tier of speculative-grade debt.[1] The forecast contrasts with Blackstone’s earlier prediction that Anthropic would receive an investment-grade rating before 2027.[1] TechCrunch said the current rating view is a prediction, not a final determination.[1] It also reported that a high junk rating could make it more difficult and costly for Anthropic to raise money for its spending.[1]

Coinpedia reported that Anthropic expects to spend more than $800 billion on computing infrastructure through 2045.[2] TechCrunch reported that investors had been worried about Anthropic’s large compute-power deals over the preceding 12 months.[1] Separately, TechCrunch reported that Blackstone was the anchor investor in a $63 billion deal to finance Anthropic’s chips.[1] Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion transaction with Broadcom to enable AI compute capacity for Anthropic.[4] Broadcom said a newly formed special-purpose vehicle would buy its AI accelerators and networking solutions and lease them to Anthropic.[4] Broadcom said it would provide that vehicle residual-value support equal to the first-lien financing amount.[4]

Anthropic says it signed an agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity, expected to come online starting in 2027.[5] The company says the capacity will power its frontier Claude models and help serve customer demand worldwide.[5] Anthropic also said its run-rate revenue had surpassed $30 billion, compared with about $9 billion at the end of 2025.[5] Those company-reported figures provide context for its plans, but do not resolve the rating question: TechCrunch reported that Anthropic and Blackstone declined to comment when contacted.[1]