Anthropic may face hurdles for investment-grade rating after IPO, FT writer says

Anthropic is reportedly preparing one of the largest stock market debuts ever. Its credit profile, however, may not be ready for prime time.

A Financial Times writer argues that Anthropic’s $700 billion in unfunded commitments could block the AI company from earning an investment-grade rating after its IPO. For a firm reportedly courting a trillion-dollar-plus valuation, a credit rating stuck in the slow lane is an awkward look.

The numbers behind the concern

The core issue is how much Anthropic has promised to spend on computing infrastructure. Its S-1 prospectus, filed on October 26, 2026, reportedly shows minimum future computing obligations of approximately $417–430 billion.

That figure is just the floor. Once contingent amounts and future capacity are included, total commitments across multiple years could reach as high as $750 billion.

Those commitments are tied to long-term contracts with major partners, including Broadcom, Google, Amazon, and Microsoft. Several of these deals sit off the balance sheet. Credit agencies tend to look past that distinction and count obligations wherever they live.

The prospectus runs to more than 300 pages. It reportedly sets the stage for a Nasdaq listing under the ticker “ANT” as early as mid-November.

Anthropic is targeting a valuation of $1.5 to $2 trillion.

Growth that burns as fast as it earns

On the revenue side, the story looks spectacular. Anthropic, the company behind the Claude models, reported $16.3 billion in revenue for the first half of 2026.

That reflects growth of over 1,300% year-over-year.

The loss line is harder to frame. Anthropic disclosed a net loss of $80.7 billion over the same six months.

Equity investors sometimes forgive that pattern if they believe in the long-term payoff. Credit analysts usually ask a simpler question: can the borrower cover what it owes?

Where the rating stands today

Anthropic already has a credit rating of sorts. In June 2026, rating agency KBRA assigned the company a BB+ rating.

BB+ sits exactly one notch below investment grade. KBRA’s assessment reportedly reflected the limited financial data available at the time.

That gap matters more than the single notch suggests. Ratings of BBB- and above are considered investment grade. Anything below falls into speculative territory, often called high yield.

Many pension funds, insurers, and other large institutions face limits on holding debt below the investment-grade line. Crossing that line opens doors to a much larger pool of lenders.

Anthropic’s bankers are reportedly lobbying agencies, including KBRA, for top-tier ratings. The IPO filing gives them far more data to work with than existed in June. The catch is that the new data also reveals the scale of the commitments.

Why the IPO alone may not fix it

A successful public offering would bring a large injection of fresh equity capital. But the FT writer’s point is that the cushion may not be big enough. Even a blockbuster raise could look modest next to obligations in the hundreds of billions.

Rating agencies weigh cash on hand against future liabilities and the reliability of cash flow. A company losing $80.7 billion in a half-year has not yet shown it can generate steady cash to cover its contracts.

The off-balance-sheet structure of some commitments also complicates the picture. Investors reading the headline debt figures could underestimate what Anthropic actually owes. Agencies are unlikely to make the same mistake.

What this means for Anthropic and its backers

The most direct consequence is borrowing cost. A company rated below investment grade typically pays higher interest on its debt than one just above the line.

The partners on the other side of these contracts have a stake too. Broadcom, Google, Amazon, and Microsoft are counting on Anthropic to honor long-dated commitments.

The things to watch are fairly concrete. First, whether KBRA or other agencies revise Anthropic’s rating once the S-1 data is fully digested. Second, whether the IPO prices within the targeted $1.5 to $2 trillion range and how much capital it actually raises.

Third, and most important over time, is whether future quarterly results show losses narrowing relative to revenue. Proof that the spending converts into durable cash flow is what would ultimately move Anthropic across the investment-grade line.