OpenAI and Anthropic seek investment-grade ratings ahead of their IPOs, with Wall Street beginning to lay the groundwork.

Beating AI Newsflash: Morgan Stanley and Goldman Sachs are liaising with credit rating agencies on behalf of OpenAI and Anthropic, aiming to secure investment-grade ratings for the two firms as soon as possible after their initial public offerings (IPOs). A higher rating would allow the companies to borrow at lower interest rates, while institutions like pension funds and insurers that rarely allocate to speculative-grade bonds would find it easier to enter the market, also easing pressure on their partners. Nvidia has provided up to $105 billion in credit support for OpenAI’s Ohio data center. Regulatory documents state this guarantee can be terminated once OpenAI obtains a "satisfactory credit rating"—but rating agencies have not yet budged. The Financial Times (FT) quoted rating agency analysts as saying they currently view OpenAI and Anthropic as clearly speculative-grade, noting neither has demonstrated consistent positive free cash flow. Meta, Netflix, and Tesla all waited over a decade post-IPO to secure investment-grade ratings. SpaceX, which went public this year, obtained an investment-grade rating shortly after listing, marking the first such case among large tech firms.