Anthropic Pursues IPO as Blackstone Forecasts a 'BB' Rating, Raising Funding Concerns
Blackstone has reportedly told investors it expects Anthropic's post-IPO credit rating to land in the BB range, below investment grade. The key question is what terms Anthropic can secure to fund its continued heavy spending.
Anthropic has started the process of going public. But a new forecast suggests the credit rating it receives after listing will fall short of investment grade. On October 30 (local time), TechCrunch, citing the Financial Times, reported that Blackstone told investors it expects Anthropic’s credit rating to land in the BB range.
In credit ratings, investment grade is the band reserved for borrowers judged to carry a low risk of default. BB sits below that, in speculative-grade territory, though it is at the higher end of that category.
How far along is the listing?
Anthropic announced on October 26 that it had filed a registration statement (Form S-1) with the US Securities and Exchange Commission (SEC) for an initial public offering. The company is seeking a Nasdaq listing under the proposed ticker symbol “ANT.”
The number of shares to be sold and the price range had not been set at the time of the announcement. Anthropic explained that the registration statement had not yet taken effect, meaning it is not yet at the stage where it can sell shares. The size of the offering, and how much money would be needed to buy in, will only become clear once the terms are finalized.
How Blackstone’s forecast changed
Blackstone had previously expected Anthropic to reach investment grade before 2027, according to the Financial Times. This time, it revised its view downward, placing the post-listing rating in the BB range, below investment grade.
The forecast is drawing attention because of what it means for funding Anthropic’s heavy spending. TechCrunch’s assessment is that a speculative-grade rating would make it harder for Anthropic to raise the money needed to keep spending, and would push up its borrowing costs. The real issue, then, is less the listing itself than the terms on which the company can secure the cash its business requires.
What to watch from here
The offering terms, and the actual ratings decisions. TechCrunch reported that both Anthropic and Blackstone declined to comment. Neither party has yet explained why Blackstone lowered its rating forecast.
For readers in Korea, the point of this news is not product features or pricing but the company’s funding conditions. Anthropic is pushing ahead with a listing, and Blackstone expects a rating below investment grade even after it goes public. Just how heavy the financing burden flagged by TechCrunch turns out to be can only be judged by looking at the credit rating agencies’ final grades alongside the terms of the funding Anthropic lines up next.