Anthropic lands BB+ credit rating from KBRA, one notch below investment grade

Anthropic now has a credit rating, and it lands at the very top of junk territory. In June 2026, the Kroll Bond Rating Agency (KBRA) assigned the AI company a BB+ rating with a stable outlook. That is the highest speculative-grade score available, sitting one notch below investment grade. The rating matters because Anthropic plans to spend more than $500 billion on data centers and infrastructure over the next decade. Money at that scale does not come from venture checks alone. It comes from debt markets, and debt markets care deeply about letter grades. The deal behind the rating KBRA issued the rating in connection with a $35 billion financing transaction. The package is designed to support Broadcom’s AI chip platform. Apollo Global Management led the deal, with BlackRock among the significant participants. Roughly $4.4 billion of the package was structured as subordinated debt. That slice puts investors directly on the hook for Anthropic’s credit risk. The subordinated debt yields approximately 8.5%, while the senior debt yields around 5.75%. Investors in the riskier tranche are being paid noticeably more to accept their place in line. A rating built on partial information KBRA ...