Blackstone Expects Junk Rating for Anthropic, Clouding Its $800 Billion AI Bet

Blackstone now expects Anthropic to receive a junk rating after its record IPO, reversing its earlier forecast of investment-grade status by year-end. The shift, based on feedback from major agencies, puts borrowing costs for Anthropic’s more than $800 billion compute plan in focus, according to BeInCrypto. KBRA rated Anthropic BB+ in June. In Project North Star’s $63 billion chip financing, Broadcom guarantees more than $42 billion, while Anthropic alone backs $18 billion, including about $9 billion held by Blackstone funds at yields above 10%. Fitch, Moody’s and S&P have not ruled; their decision after the Nasdaq debut, expected by late November, will affect borrowing costs.