Anthropic Secures BB+ Credit Rating as Wall Street Prepares $60 Billion in AI Chip Financing

Anthropic has secured a BB+ credit rating from Kroll Bond Rating Agency as Wall Street banks prepare $60 billion in financing for the company’s expanding artificial intelligence chip infrastructure investments.

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Anthropic Receives BB+ Credit Rating Ahead of IPO

On October 16, reports revealed that Kroll Bond Rating Agency (KBRA) had assigned Anthropic a BB+ credit rating in June. The rating has a positive outlook and the Claude developer is rated one notch below investment grade.

The rating applies to about $4.4 billion in subordinated debt in a $35 billion financing package being led by Apollo Global Management. While investors in the junior debt face Anthropic’s credit risk, Broadcom guarantees the remaining senior financing.

As a result, the subordinated debt had an 8.5% interest rate versus 5.75% for senior debt. In June, Blackstone and participating banks rejoined the $35 billion deal which was confirmed by Apollo.

However, KBRA based its assessment on limited financial disclosures, including revenue, adjusted operating income and internal forecasts. Since the data for a full financial model was not available, analysts relied on a risk scoring system.

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Wall Street Prepares $60 Billion for Anthropic AI Chips

Meanwhile, major banks are preparing another $60 billion financing arrangement to support Anthropic’s purchase of custom AI chips. The proposed package includes $18 billion in subordinated debt linked to computing infrastructure developed with Google and Broadcom.

The financing plans accompany Anthropic’s expected November IPO, following its recent Claude Haiku 5.5 launch. An investment grade rating may help to open up institutional lender opportunities and may lower borrowing rates.

Separately, Anthropic could issue up to $42 billion in convertible notes to finance semiconductor leasing arrangements. KBRA did not receive details of the proposed notes during its earlier credit assessment.

Anthropic Revenue Reaches $16.8 Billion Before IPO

During its October 14 investor presentation, Anthropic reported third-quarter revenue of $16.8 billion, up approximately 45% from the previous quarter. The company posted its second-straight quarter of adjusted profit, but experienced slower revenue growth than in prior quarters.

Ahead of the presentation, Anthropic committed $150 million to U.S. AI research through the Genesis Mission on October 8. The funding enables research using Claude in over 15 federal science agencies.

Meanwhile, Moody’s, S&P Global Ratings and Fitch are expected to assess Anthropic’s creditworthiness following its planned public listing. As of June 30, the company had no debt directly on its balance sheet.

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