Anthropic, the AI startup behind Claude, received a BB+ issuer rating from Kroll Bond Rating Agency (KBRA) in June — the highest speculative-grade score — as it prepares for a landmark IPO. The rating, not previously reported, positions the company one notch below investment grade, a critical milestone for lowering borrowing costs and attracting institutional investors like pension funds and life insurers. The rating was issued ahead of a $35bn chip financing deal led by Apollo, with about $4.4bn in junior debt exposed to Anthropic’s credit risk. The debt carried a 8.5% yield, while senior debt was priced at 5.75%.
KBRA’s assessment was based on limited financial disclosures, including revenue and adjusted operating income for Q1 2026 and internal forecasts. Key metrics like free cash flow and EBITDA were excluded, forcing analysts to estimate creditworthiness using a “risk score” model. Anthropic’s revenue reached $16.8bn in Q3, up nearly 50% year-over-year, and it reported two consecutive quarters of adjusted profitability — though growth has slowed from earlier highs. The company expects to spend over $500bn on computing infrastructure over the next decade, a bet that hinges on its post-IPO credit rating.
Anthropic, which had zero debt on its balance sheet as of June, may also issue up to $42bn in convertible notes to fund semiconductor leasing from Broadcom. KBRA was not provided with terms for those notes. Rivals like OpenAI are also lobbying for investment-grade ratings ahead of their own IPOs, with valuations expected to exceed $2tn.
Source: Financial Times Companies · Summarized by HeadlinesBriefing