Anthropic’s $700 Billion in Obligations Put IPO Credit Rating in Focus

Anthropic’s $700 billion in obligations may complicate its path to an investment-grade rating after an IPO, separate from the BB+ grade tied to its chip financing.

In June, Kroll Bond Rating Agency (KBRA) gave Anthropic a BB+ issuer rating, one notch below investment grade.

The June BB+ issuer rating was tied to a $35 billion chip-financing package that included about $4.4 billion in subordinated debt.

That subordinated borrowing carried a yield of about 8.5%; the package’s senior debt had a 5.75% rate. Anthropic’s IPO papers list ANT as its proposed ticker.

Seaport deferred assigning Anthropic a rating pending the IPO, as discussed in its initial coverage of the company.