KBRA Rated Anthropic BB+ Before $35 Billion Chip Financing

Oct 16, 2026
KBRA assigned Anthropic a BB+ issuer rating in June, one level below investment grade, before a $35 billion chip financing led by Apollo.

KBRA assigned Anthropic a BB+ issuer rating in June 2026, one level below investment grade, the Financial Times reported from documents it has seen, according to Dealroom. The previously unreported rating preceded a $35 billion chip financing led by Apollo.

About $4.4 billion of junior debt exposed to Anthropic credit risk received a stable BB+ rating and sold at a yield of about 8.5%. Senior debt carried a 5.75% yield, while Broadcom guaranteed the remaining financing.

KBRA used a risk score rather than full financial models. Anthropic provided first quarter revenue, adjusted operating income, annualized revenue and an internal second quarter forecast, but did not provide free cash flow or EBITDA. Analysts estimated those figures. Anthropic had no debt on its balance sheet in late June and relied on partners and special purpose vehicles for financing.

The documents also outlined up to $42 billion in convertible financing tied to leased Broadcom chips. Banks are separately assembling a $60 billion financing for custom chips from Google and Broadcom, including $18 billion of junior debt backed by Anthropic's chip rental payments.

We hope you enjoyed this article

Consider subscribing to one of our newsletters like Silicon Brief, AI Funding Brief or Daily AI Brief.

Also, consider following us on social media:

AI Chips & Datacenters AI Funding News AI Brief AI Brief (X)
Free newsletter

AI Funding Brief

AI Token Webinar

Whitepaper

Tensordyne Napier: What If One Rack Could Do the Work of Nine?

Tensordyne

This Tensordyne whitepaper presents Napier, an inference-focused AI processor and rack-scale system based on the company’s TDN Math logarithmic number system. It examines infrastructure requirements for large mixture-of-experts and agentic models, compares major inference architecture approaches, and details the TDN AIP processor, TDN72 pod, TDN Link fabric, and Napier Ultra configuration. The paper reports simulation-based performance, cost, and accuracy-validation results, including Tensordyne’s projected comparison of one Napier rack with a nine-rack Nvidia Rubin plus Groq deployment; the chip is reported as taped out and in fabrication.

Read more

You may also like

Free, six days a week

Daily AI Brief: the AI news that matters, in your inbox.