Banks Seek Investment-Grade Ratings for OpenAI, Anthropic

Goldman Sachs and Morgan Stanley have asked the three major credit rating agencies to treat OpenAI and Anthropic as investment-grade borrowers immediately upon each company’s initial public offering. The banks want top ratings that would allow pension funds and insurers to buy the companies’ bonds from day one and reduce early borrowing costs.

Both AI labs remain loss-making. OpenAI reported a $20.9 billion operating loss on $13.1 billion of revenue in 2025. Anthropic does not expect to break even until 2028, while OpenAI’s forecasts point to profitability around 2030. The banks contend that IPO proceeds and projected future revenue justify investment-grade treatment at listing.

The request was made to S&P Global, Moody’s and Fitch. Investment-grade ratings would broaden the pool of bond buyers by letting institutions with mandates that limit them to higher-rated debt participate in corporate bond sales immediately after an IPO.

Corporate partners have taken on large exposures to the labs. Nvidia agreed to guarantee up to $105 billion of lease obligations for an OpenAI campus in Ohio, and Nvidia’s filing ties the end of those obligations in part to OpenAI achieving ‘a satisfactory credit rating.’ Google and Broadcom have provided tens of billions in support so Anthropic can access their processors; both firms expect to reduce backing after a public listing. Investment-grade ratings at IPO would shift much of that exposure from corporate partners onto bond investors.

Rating analysts continue to describe OpenAI and Anthropic as speculative-grade and loss-making, citing limited public disclosure on finances and uncertainty over future cash generation. The rating agencies have not granted the requested treatment. Analysts and investors also cite competitive and technological risks, including the arrival of lower-cost open-source models from China, as factors that could weigh against higher grades.

Timelines for public listings differ. Anthropic has signaled a possible IPO as soon as late September with valuation targets reported at very high levels. OpenAI’s timeline points to a 2027 offering. If either company lists without investment-grade ratings, banks and corporate partners may remain liable for support until market conditions or future ratings change.

Earlier cases show immediate rating recognition does not always result in low market costs. One recent company received investment-grade ratings days after its IPO and sold large volumes of bonds, but yields on long maturities widened quickly to levels typical of lower-rated debt. Other technology firms waited years after listing to achieve comparable ratings.