Anthropic's disastrous IPO has happened! It might not even get an "investment grade" rating. Blackstone just told investors that the AI giant is expected to only receive a BB rating after its IPO. In credit ratings, BB stands for "speculative grade," commonly known as junk credit. Ironically, Anthropic's revenue in the first half of the year was $16.3 billion, a 13-fold increase year-on-year, and its operating profit just turned positive in the second quarter. It's not that it's not making money, it's that its profits are far from enough to cover its spending, a situation known as "spending more than it earns." It promised to spend $800 billion on computing power by 2045. The rating agency, after reviewing this bill, only replied with two words: "Idiot, BB." The faith in AI is being repriced by credit rating agencies in the coldest way. It's not that you're not making money, it's that the little money you're making doesn't match the boasts you're making.