Blackstone has reportedly warned investors that Anthropic could receive a sub-investment grade credit rating after its IPO, according to the Financial Times. The company is allegedly expected to be in the BB rating range, which could increase borrowing costs and limit access to institutional capital. Anthropic plans to invest over $800 billion in computing infrastructure by 2045, with its $63 billion "Project Northstar" financing heavily reliant on guarantees from Broadcom, which holds an investment-grade rating. The report also states that Anthropic holds over $112 billion in cash and could raise an additional $100 billion through an IPO.