Anthropic credit rating exposed: BB+, the highest level of junk credit

Author: Xu Chao, Wall Street Journal

The credit rating of AI unicorn Anthropic has come to light for the first time.

Documents obtained by the Financial Times show that the credit rating agency Kroll Bond Rating Agency (KBRA) granted Anthropic a BB+ issuer rating in June this year—this is the highest speculative grade (junk grade) rating, just one notch below investment grade. This rating was obtained before Anthropic completed a $35 billion chip financing deal led by Apollo, which had never been publicly disclosed before.

This rating has a direct impact on Anthropic's financing prospects. Major Wall Street banks are preparing a new $60 billion debt package to help Anthropic acquire more custom AI chips jointly developed by Google and Broadcom, including $18 billion in subordinated debt. Whether it can cross the investment grade threshold will determine whether Anthropic can access a broader group of institutional investors such as life insurance companies and pension funds at a lower cost.

Rating Details: "Risk Score" Under Limited Disclosure

The BB+ rating granted by KBRA comes with a stable outlook, targeting approximately $4.4 billion of subordinated debt in the $35 billion financing package—this portion of debt directly exposes investors to Anthropic's credit risk; the remainder is guaranteed by chip manufacturer Broadcom. The subordinated debt is issued at an approximate yield of 8.5%, while the senior debt has an interest rate of 5.75%.

This rating was made under conditions of quite limited information disclosure.

According to the documents, the financial information obtained by KBRA includes revenue, adjusted operating income, and annualized operating income for the first quarter of 2026, as well as internal forecasts for the second quarter provided by Anthropic, but key financial metrics such as free cash flow and EBITDA were not included in the disclosure. Rating analysts had to rely on assumptions to estimate and ultimately adopted a "risk score" approach instead of a traditional complete financial model to assess its credit status.

Financial Performance: Slowing Growth, But Above Expectations

Anthropic disclosed at an investor presentation ahead of its IPO on Wednesday that third-quarter revenue grew nearly 50% quarter-over-quarter to $16.8 billion, achieving adjusted profitability for two consecutive quarters.

However, this growth rate has slowed compared to the beginning of the year, and the latest financial data also fell short of some of the most optimistic market expectations.

At the time of the rating decision, Anthropic had predicted second-quarter revenue of $10.9 billion, but sources revealed that the actual figure exceeded expectations, reaching $11.5 billion. As of the end of June, this five-year-old company had zero debt on its own balance sheet, having previously relied on business partners and special purpose vehicles with better credit status for financing.

Sources also indicated that Anthropic may issue up to $42 billion in convertible notes to pay for leasing semiconductors from Broadcom, but KBRA was not provided with detailed terms of the convertible notes.

Rating Competition: The Three Major Agencies Are the Final Judges

KBRA is smaller compared to Moody's, S&P, and Fitch, and the latter three will ultimately decide Anthropic's formal credit rating after its IPO.

Anthropic and its competitor OpenAI's banking advisors have lobbied these major rating agencies to grant investment grade ratings after both companies go public. Investors expect OpenAI's IPO valuation to exceed $2 trillion.

Obtaining an investment grade rating is crucial for Anthropic's long-term financing strategy. The company expects to invest over $500 billion in computing resources and infrastructure over the next decade, and this massive capital expenditure plan is also seen as one of the important pillars supporting the investment boom in the U.S. stock market.