BB. Per the FT, that's the rating Blackstone now expects for Anthropic after its IPO.

BB. Per the FT, that's the rating Blackstone now expects for Anthropic after its IPO. To me it's the most honest number in this whole listing story.

• The FT reports that Blackstone told investors in Anthropic's chip-financing deal that a high speculative-grade rating, around BB, is now more likely after the IPO. That reverses its earlier expectation of investment grade before year-end. Both companies declined to comment to TechCrunch.
• The $800 billion figure going around is reported compute commitments through 2045. It is not a valuation. The S-1 redacts the aggregate amount, and separate reporting cited a $965 billion valuation from a May funding round.
• Anthropic filed its S-1 on Oct 26 for a proposed Nasdaq listing under ANT. No price or date is set. A November pricing is only reported as possible.
• Credit analysts weigh future cash burn against those long-dated commitments, while equity buyers price the growth. Right now those two reads point in very different directions.

I still lean toward the AI labs popping at IPO and then struggling within a year to meet expectations, and a junk-grade credit outlook fits that view. I also have a bet on record that Anthropic tops $2 trillion at IPO, so I'll be watching whether S&P, Moody's or Fitch actually land at BB once it prices.

Sources:
BeInCrypto: https://beincrypto.com/blackstone-anthropic-junk-rating-ipo-doubt/
Benzinga: https://www.benzinga.com/markets/private-markets/26/10/62760671/anthropic-could-join-public-markets-with-a-junk-rating-despite-112b-cash-pile-blackstone-warns
Seeking Alpha: https://seekingalpha.com/news/4661563-anthropic-may-get-junk-credit-rating-after-ipo-blackstone-says-report?feed_item_type=news

Not financial advice. For informational and educational purposes only.