Blackstone estimates to investors that Anthropic's post-IPO credit rating may only be BB, or junk status. As of the end of June 2026, Anthropic held $112.4 billion in cash and $19.3 billion in short-term investments, totaling $131.7 billion. Assuming a $100 billion IPO in November, it would have $231.7 billion on hand. 2027: $100-120 billion 2028: $135-160 billion 2029: $150-170 billion Based on these calculations, computing power expenditures over two years would reach $235-280 billion, totaling $385-450 billion over three years. Contracts already signed include: Broadcom approximately $161.2 billion, Google at least $114.5 billion, Amazon at least $110 billion, Microsoft at least $44.9 billion, and SpaceX AI up to $120.5 billion. These contracts span multiple years, with some representing maximum payments and others minimum payment commitments. Google, Amazon, and Microsoft, in particular, have minimum payment obligations even for some computing power contracts that they may not fully utilize. Anthropic's revenue in the first half of 2026 was $16.3 billion, a year-on-year increase of approximately 1300%, with positive operating cash flow of $3.9 billion. Some forecasts even predict revenue of $190-200 billion by 2028, but revenue does not equal readily available cash. Computing power costs, model training, equipment leasing, and financing repayments are all vying for cash flow. The most critical news comes from Blackstone, which predicts to investors that Anthropic may only receive a BB credit rating after its IPO, essentially junk status. While this is not an official rating from a rating agency for Anthropic, it already illustrates a significant discrepancy between creditors' risk pricing and stock valuation. Some related subordinated debt yields even exceed 10%. This creates a rather surreal situation: The stock market might be willing to value Anthropic at $1.5 trillion, but the debt market may not be willing to lend it money at low cost. Shareholders are betting on future revenue growth, while creditors are calculating future contract payments and debt repayment capacity.