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

Roughly $700 billion in unfunded commitments could keep the Claude maker's credit profile one step short of investment grade 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 distinctio...