BlackRock expects that Anthropic will receive a junk rating after going public, as its over $800 billion AI computing power plan faces financing pressure

According to a report by the Financial Times citing informed sources, Blackstone recently informed investors in a $63 billion chip financing deal for Anthropic that the company may not immediately receive an investment-grade rating after going public, with major rating agencies more likely to assign it a BB range rating, which is speculative grade (commonly referred to as "junk grade").

According to the rating systems of S&P and Fitch, BBB- and above are considered investment grade, while BB+ and below are considered speculative grade. If Anthropic ultimately receives a junk grade rating, its financing costs may rise, and the range of funds available to institutions such as insurance companies and pension funds, which are subject to investment-grade investment restrictions, will also narrow.

The financing pressure mainly comes from Anthropic's massive computing power expenditure plans. The company previously disclosed plans to invest over $800 billion in computing infrastructure by 2045. Although Anthropic currently holds over $112 billion in cash and cash equivalents and plans to further raise funds through an IPO, the long-term commitments to computing power still raise concerns among investors about its future funding needs and debt capacity.

After the report was released, U.S. tech stocks fell further, with the Nasdaq 100 index ultimately down 3.5%. However, Anthropic has not yet received a formal credit rating from S&P, Moody's, or Fitch, and Blackstone's assessment is not an official rating result.