黑石：Anthropic在IPO后或只能获得「垃圾」评级！融资成本恐攀升

人工智慧（AI）新创公司 Anthropic 的融资前景面临新挑战。全球私募股权巨头黑石(BX-US) 已向投资人示警，Anthropic 上市后可能无法立即取得投资级信用评级，主要评级机构更可能将其评为较高级的「垃圾级」。

根据《金融时报》报导，黑石是在向 Anthropic 最新一笔630亿美元晶片融资案的投资人传达上述看法。

若 Anthropic 最终未能取得投资级评级，未来为规模超过8,000亿美元的算力基础设施计划筹资，恐将面临更大难度。

相关消息也加剧市场对 AI 产业投资热潮的疑虑。周五（30日）美国科技股在报导曝光后进一步走低，那斯达克100指数终场下跌3.5%。

此前，亚马逊(AMZN-US) 与英特尔(INTC-US) 公布财报，已使市场更加担忧 AI 热潮能否持续。

Anthropic投资级评级预期生变融资成本恐攀升

知情人士表示，过去几个月，黑石一直向投资伙伴表示，预期 Anthropic 能在今年底前取得投资级评级。

不过，根据主要信用评级机构提供的指引，黑石近期已调整看法，认为 Anthropic 更可能获得 BB 级或以上。

依标普及惠誉的评等体系，BBB-以上为投资等级，BB+以下为投机级，市场俗称「垃圾级」。 BB区间（BB+、BB、BB-）是垃圾级中最高的一档，紧邻投资等级门槛，也是「较高档」垃圾等级的意义。

这项评级结果对 Anthropic 尤为重要。公司已于周一递交上市申请，最快可能在下月完成有史以来规模最大的首次公开发行（IPO）。招股文件揭露，Anthropic 计划从现在起至2045年，在算力基础设施投入超过8,000亿美元。

目前 Anthropic 持有超过1,120亿美元现金及约当现金，市场预期 IPO 还可能为公司带来约1,000亿美元资金。

取得投资级评级，将有助 Anthropic 以较低利率借款，支应庞大的基础设施投资。相较之下，许多保险公司与退休基金受到投资规范限制，主要只能配置投资级债券，或对垃圾级债务设有持有上限。

一旦 Anthropic 的信用评级落在 BB+或以下，可取得的机构资金来源将明显缩减，借贷成本也可能随之上升。

一名专注美国科技股的基金经理指出，能否取得信贷对 Anthropic 至关重要，若公司无法取得投资级评级，融资成本将会提高，对所有相关方都不是好消息。

Anthropic 与竞争对手 OpenAI 的银行团队，目前都正积极游说主要信用评级机构，希望两家公司上市后能取得投资级评级。

不过，对企业融资成本影响最大的三大评级机构惠誉、穆迪（Moody's）与标普，至今尚未正式给予 Anthropic 信用评级。

630亿美元「北极星计划」仰赖博通信用背书

Anthropic 最新一笔630亿美元融资交易代号为「北极星计划」（Project North Star），华尔街银行已于本周稍早完成交割，资金将用于支应 Anthropic 向Google(GOOGL-US) 租用1.5GW晶片的相关支出。

黑石在这笔交易中担任主要投资人，并与参与融资的银行合作，将债务转售给其他投资者。

这笔交易的架构也凸显 Anthropic 对供应商信用支持的依赖。其中，超过420亿美元的优先级贷款由博通(AVGO-US) 提供担保。

博通参与这批晶片的共同开发，并拥有 A 级高位的投资级信用评级，成为 Anthropic 得以取得这笔融资的重要条件。

优先级债务受到机构投资人青睐，主要原因在于一旦发生违约，优先级贷款的受偿顺位高于次级债务。

另外180亿美元的次级债务，则以 Anthropic 的租赁付款作为偿债支撑，因此贷款人承担的 Anthropic 信用风险更为直接。

《金融时报》此前报导，黑石旗下基金以超过10%的高收益率，认购其中90亿美元次级债务。

这部分次级债务获得 Kroll Bond Rating Agency（KBRA）评定为 BB+，展望为正面，相较四个月前类似的「大天空计划」（Big Sky），当时获得的展望为稳定，评级展望已有改善。晨星 DBRS（Morningstar DBRS）则给予 BB 评级。

对于相关报导，Anthropic、黑石、KBRA、晨星 DBRS 与标普均拒绝置评，惠誉与穆迪则未回复置评请求。

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Anthropic已递交上市申请，计划至2045年投资逾8,000亿美元算力基建，若评级偏低融资成本将上升。
630亿美元北极星计划已交割，逾420亿美元优先贷款由博通担保，市场对AI热潮疑虑升温。", "img": "https://cimg.cnyes.cool/prod/news/6642878/l/4e7a3e1f948533dec571b29debdd4196.jpg", "content": "人工智慧（AI）新创公司 Anthropic 的融资前景面临新挑战。全球私募股权巨头黑石(<a data-symbol-template=\"USS:BX:STOCK:COMMON\" href=\"#\">BX-US</a>) 已向投资人示警，Anthropic 上市后可能无法立即取得投资级信用评级，主要评级机构更可能将其评为较高级的「垃圾级」。\n<img src=\"https://cimg.cnyes.cool/prod/news/6642878/l/4e7a3e1f948533dec571b29debdd4196.jpg\" alt=\"黑石：Anthropic在IPO后或只能获得「垃圾」评级！融资成本恐攀升\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\n根据《金融时报》报导，黑石是在向 Anthropic 最新一笔630亿美元晶片融资案的投资人传达上述看法。\n\n若 Anthropic 最终未能取得投资级评级，未来为规模超过8,000亿美元的算力基础设施计划筹资，恐将面临更大难度。\n\n相关消息也加剧市场对 AI 产业投资热潮的疑虑。周五（30日）美国科技股在报导曝光后进一步走低，那斯达克100指数终场下跌3.5%。\n\n此前，亚马逊(<a data-symbol-template=\"USS:AMZN:STOCK:COMMON\" href=\"#\">AMZN-US</a>) 与英特尔(<a data-symbol-template=\"USS:INTC:STOCK:COMMON\" href=\"#\">INTC-US</a>) 公布财报，已使市场更加担忧 AI 热潮能否持续。\n\n<h6>Anthropic投资级评级预期生变 融资成本恐攀升</h6>\n\n知情人士表示，过去几个月，黑石一直向投资伙伴表示，预期 Anthropic 能在今年底前取得投资级评级。\n\n不过，根据主要信用评级机构提供的指引，黑石近期已调整看法，认为 Anthropic 更可能获得 BB 级或以上。\n\n依标普及惠誉的评等体系，BBB-以上为投资等级，BB+以下为投机级，市场俗称「垃圾级」。 BB区间（BB+、BB、BB-）是垃圾级中最高的一档，紧邻投资等级门槛，也是「较高档」垃圾等级的意义。\n\n这项评级结果对 Anthropic 尤为重要。公司已于周一递交上市申请，最快可能在下月完成有史以来规模最大的首次公开发行（IPO）。招股文件揭露，Anthropic 计划从现在起至2045年，在算力基础设施投入超过8,000亿美元。\n\n目前 Anthropic 持有超过1,120亿美元现金及约当现金，市场预期 IPO 还可能为公司带来约1,000亿美元资金。\n\n取得投资级评级，将有助 Anthropic 以较低利率借款，支应庞大的基础设施投资。相较之下，许多保险公司与退休基金受到投资规范限制，主要只能配置投资级债券，或对垃圾级债务设有持有上限。\n\n一旦 Anthropic 的信用评级落在 BB+或以下，可取得的机构资金来源将明显缩减，借贷成本也可能随之上升。\n\n一名专注美国科技股的基金经理指出，能否取得信贷对 Anthropic 至关重要，若公司无法取得投资级评级，融资成本将会提高，对所有相关方都不是好消息。\n\nAnthropic 与竞争对手 OpenAI 的银行团队，目前都正积极游说主要信用评级机构，希望两家公司上市后能取得投资级评级。\n\n不过，对企业融资成本影响最大的三大评级机构惠誉、穆迪（Moody's）与标普，至今尚未正式给予 Anthropic 信用评级。\n\n<h6>630亿美元「北极星计划」 仰赖博通信用背书</h6>\n\nAnthropic 最新一笔630亿美元融资交易代号为「北极星计划」（Project North Star），华尔街银行已于本周稍早完成交割，资金将用于支应 Anthropic 向Google(<a data-symbol-template=\"USS:GOOGL:STOCK:COMMON\" href=\"#\">GOOGL-US</a>) 租用1.5GW晶片的相关支出。\n\n黑石在这笔交易中担任主要投资人，并与参与融资的银行合作，将债务转售给其他投资者。\n\n这笔交易的架构也凸显 Anthropic 对供应商信用支持的依赖。其中，超过420亿美元的优先级贷款由博通(<a data-symbol-template=\"USS:AVGO:STOCK:COMMON\" href=\"#\">AVGO-US</a>) 提供担保。\n\n博通参与这批晶片的共同开发，并拥有 A 级高位的投资级信用评级，成为 Anthropic 得以取得这笔融资的重要条件。\n\n优先级债务受到机构投资人青睐，主要原因在于一旦发生违约，优先级贷款的受偿顺位高于次级债务。\n\n另外180亿美元的次级债务，则以 Anthropic 的租赁付款作为偿债支撑，因此贷款人承担的 Anthropic 信用风险更为直接。\n\n《金融时报》此前报导，黑石旗下基金以超过10%的高收益率，认购其中90亿美元次级债务。\n\n这部分次级债务获得 Kroll Bond Rating Agency（KBRA）评定为 BB+，展望为正面，相较四个月前类似的「大天空计划」（Big Sky），当时获得的展望为稳定，评级展望已有改善。晨星 DBRS（Morningstar DBRS）则给予 BB 评级。\n\n对于相关报导，Anthropic、黑石、KBRA、晨星 DBRS 与标普均拒绝置评，惠誉与穆迪则未回复置评请求。\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/mg/article-14329.html\" title=\"川普支持率剩40% 期中选举恐变天！美银点名债券是Q4逆势赢家\">川普支持率剩40% 期中选举恐变天！美银点名债券是Q4逆势赢家</a></li>\n <li><a href=\"/new/mg/article-4026.html\" title=\"美国5月商品贸易逆差扩大至一年新高恐拖累第二季GDP\">美国5月商品贸易逆差扩大至一年新高恐拖累第二季GDP</a></li>\n <li><a href=\"/new/mg/article-3846.html\" 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Anthropic投资级评级预期生变 融资成本恐攀升

630亿美元「北极星计划」 仰赖博通信用背书

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