axios: Private credit is getting more expensive, with Anthropic now offering Blackstone more than 10% on chip debt versus 8.5% just 4 months ago, and about 7% for similarly rated public borrowers.

so every month of delay means borrowing at worse terms.

Most of its $518B core compute plan must be paid whether or not the capacity gets used, so Anthropic needs secure, long-term funding locked in rather than depending on lenders who are already demanding higher yields.
OpenAI needed months to raise more than $120B in the biggest private round ever, and investors doubt a raise that size can be repeated in today’s jittery market, leaving an IPO as the only route at that scale.