TLDR
- Kroll Bond Rating Agency gave Anthropic a BB+ credit rating with a positive outlook, one notch below investment grade.
- Wall Street banks are preparing $60 billion in financing for custom AI chips, including $18 billion in subordinated debt.
- Anthropic reported third-quarter revenue of $16.8 billion, up about 45% from the prior quarter, and a second straight quarter of adjusted profit.
- Some investors have discussed a $1.5 trillion IPO valuation, down from earlier hopes of about $2 trillion.
- Anthropic has committed at least $518 billion over roughly a decade for cloud services and computing power.
Kroll Bond Rating Agency has given Anthropic a BB+ credit rating. Reports on October 16 said the rating was assigned in June and carries a positive outlook.
ANTHROPIC SECURES BB+ CREDIT RATING AS WALL STREET PREPARES $60 BILLION AI FINANCING
Anthropic received a BB+ credit rating from KBRA, just one notch below investment grade, ahead of a $35 billion chip financing deal.
Now, Wall Street banks are reportedly assembling another $60…
— *Walter Bloomberg (@DeItaone) October 16, 2026
The rating puts the Claude developer one notch below investment grade. It applies to about $4.4 billion in subordinated debt.
That debt is part of a $35 billion financing package led by Apollo Global Management. Broadcom guarantees the senior portion of the package.
The subordinated debt carried an 8.5% interest rate. Senior debt carried a rate of 5.75%.
Kroll based its view on limited financial information. That included revenue, adjusted operating income and internal forecasts. Because a full financial model was not possible, analysts used a risk scoring system.
Banks Prepare $60 Billion for AI Chips
Major banks are also preparing a $60 billion financing deal to support Anthropic’s purchase of custom AI chips. The package includes $18 billion in subordinated debt tied to computing infrastructure built with Google and Broadcom.
Anthropic could also issue up to $42 billion in convertible notes to pay for chip leasing. Kroll did not receive details of those notes during its review.
The financing comes ahead of an IPO expected in November. An investment grade rating could open the door to more institutional lenders and may lower borrowing costs.
As of June 30, Anthropic had no debt directly on its balance sheet. Moody’s, S&P Global Ratings and Fitch are expected to review its credit after it goes public.
Revenue Growth Slows as Valuation Talks Shift
At an October 14 investor presentation, Anthropic reported third-quarter revenue of $16.8 billion. That is up about 45% from the second quarter.
Revenue was $4.7 billion in the first quarter and $11.6 billion in the second. Growth in the third quarter was slower than in earlier quarters.
Reuters reported that some investors have discussed a valuation of about $1.5 trillion. Earlier expectations were closer to $2 trillion.
In May, Anthropic raised $65 billion at a $965 billion post-money valuation. It said annualized revenue had passed $47 billion at the time.
An IPO prospectus reviewed by Reuters showed 2025 revenue of nearly $4.6 billion. The company posted an operating loss of more than $8 billion that year.
About $34 billion of its reported $42 billion net loss came from an accounting charge tied to financing instruments that could convert into shares.
The prospectus also shows at least $518 billion in commitments for cloud services, computing power and infrastructure.
CoreWeave’s stock and bonds have fallen as concerns grow over debt tied to AI infrastructure. Some data-center companies have delayed or pulled planned public offerings, according to Reuters.
On October 8, Anthropic committed $150 million to U.S. AI research through the Genesis Mission. The funding supports research using Claude at more than 15 federal science agencies.
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