Anthropic credit rating expectations have weakened at Blackstone, raising questions about financing the Claude developer’s spending plan of more than $800 billion. According to BeInCrypto’s October 30 report, citing the Financial Times, the lender now expects a speculative-grade rating after Anthropic’s planned IPO, reversing its earlier expectation of investment grade by year-end.
Why it matters
A lower rating could make borrowing more expensive and restrict the pool of lenders available to support Anthropic’s computing expansion. But Blackstone’s reported expectation is not a final agency decision, and the financing includes both Anthropic-only exposure and loans carrying a guarantee from Broadcom.
What we know about Anthropic credit rating expectations
BeInCrypto reported on October 30 that Blackstone expects a rating in the BB range from the major agencies, based on their feedback. Its earlier message to investors had anticipated investment-grade status before the end of 2026.
The distinction matters because BBB- is the investment-grade threshold described in BeInCrypto’s report. Below that sits speculative-grade debt, commonly called junk, which many pension funds and insurers face restrictions on holding. Those restrictions can narrow the pool of potential lenders.
An existing speculative-grade assessment
According to BeInCrypto, Kroll Bond Rating Agency assigned Anthropic a BB+ rating in June, one notch below investment grade. The outlet also said its September reporting showed agencies still viewed the company as speculative grade, despite efforts by Goldman Sachs and Morgan Stanley to secure investment-grade treatment.
The October 30 account places the financing exposure inside Project North Star, described as a $63 billion chip-financing arrangement. More than $42 billion of loans carry a guarantee from investment-grade chipmaker Broadcom, while another $18 billion relies on Anthropic alone.
Blackstone funds reportedly took about $9 billion of that Anthropic-only portion, at yields above 10%. Those figures describe the reported financing, not a promise of future investment returns.
The structure is important to the Anthropic credit rating debate: the report distinguishes loans carrying Broadcom’s guarantee from debt resting on Anthropic alone. The guarantee applies to the identified loans, not to every part of the financing.
What is still unclear
Fitch, Moody’s and S&P had not issued their decisions in the October 30 report, according to BeInCrypto. The outlet placed Anthropic’s expected Nasdaq debut by late November. That timetable remained an expectation, not a completed listing.
BeInCrypto reported that Anthropic held more than $112 billion in cash and that investors expected its IPO to raise roughly $100 billion more. The expected proceeds remain a forecast, not money already raised.
The account does not provide the full loan documentation, repayment schedule or conditions governing Broadcom’s guarantee. Its reported financing components also do not fully reconcile the stated $63 billion total, so they should not be presented as an exhaustive breakdown.
Nor does the available reporting quantify how much a speculative-grade decision would add to borrowing costs. It explains the direction of the risk without supplying an interest-rate estimate for the planned build-out.
Separate crypto market context
The documented change is Blackstone’s revised assessment. BeInCrypto’s account does not supply an Anthropic trading price or named analyst estimates of additional interest expense.
The three cryptocurrencies below were lower over 24 hours in the supplied CoinGecko snapshot. These figures provide separate market context; they do not establish a reaction to the Anthropic report.
| Asset | Price in USD | 24-hour change |
|---|---|---|
| Bitcoin | $77,328 | -1.27% |
| Ethereum | $2,242.25 | -0.20% |
| Solana | $95.76 | -2.15% |
According to CoinGecko, all prices and changes above were recorded on October 31, 2026, at 07:13 UTC. Separately, Alternative.me’s Crypto Fear & Greed Index registered 30, classified as Fear, on October 31.
These observations should remain distinct: Blackstone reportedly changed its rating expectation, while the crypto data show declines and fearful sentiment. The supplied evidence establishes no causal connection between them.
What the financing figures establish
The Anthropic credit rating question concerns the cost and availability of debt financing. The reported cash balance and anticipated IPO proceeds provide context, but the agencies’ decisions were still outstanding in the source account.
BeInCrypto’s report on Blackstone’s revised rating expectation is the supplied source for the financing figures. Its account attributes the change in outlook to Financial Times reporting.
For the separate cryptocurrency snapshot, CoinGecko’s Bitcoin page is the supplied source for Bitcoin’s price and 24-hour change. Those market figures do not resolve questions about Anthropic’s debt.
The documented financing risks are narrower than a prediction of failure: a speculative-grade assessment could limit lender participation and increase borrowing costs. Neither a final rating nor the resulting borrowing terms is established here.
Bottom line
Blackstone’s reported reversal puts the next agency decisions in focus. The evidence supports concern about financing costs for Anthropic’s expansion, but not a final verdict on its creditworthiness or a claim that its planned IPO will secure investment-grade status.
Sources
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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