Anthropic Landed BB+ KBRA Rating in June Ahead of $35B Apollo Deal

Credit raters have put a number on Anthropic for the first time. KBRA assigned the company a BB+ issuer rating back in June, the top speculative tier and one notch below investment grade, according to documents reported by the Financial Times.

The rating landed just before Apollo lined up roughly $35bn in chip financing for Anthropic, structured in partnership with Blackstone around Broadcom silicon. About $4.4bn of junior debt directly exposed to Anthropic's credit risk also drew a BB+ stable grade from KBRA and sold at roughly 8.5% yield. Senior debt, guaranteed by Broadcom, carried 5.75%.

The method is the striking part. "KBRA used a 'risk score' rather than full financial models" because Anthropic supplied Q1 2026 revenue, adjusted operating income and an annualised run-rate, but "not free cash flow or EBITDA, so analysts estimated those." For a borrower raising tens of billions, that is a slim disclosure file.

The next notch is the one that matters. Investment grade would lower Anthropic's borrowing costs and open the paper to pension funds and life insurers — a bigger deal inside a run our tracker has logged at 347 Anthropic stories and 424 AI-funding stories in the last 90 days alone.