Anthropic and OpenAI are seeking investment-grade credit ratings following their upcoming initial public offerings (IPOs), a move aimed at lowering borrowing costs and facilitating large-scale investments in AI infrastructure. The two leading artificial intelligence companies are working with Morgan Stanley and Goldman Sachs, which have engaged in recent discussions with major credit rating agencies, including Fitch, Moody’s, and S&P, according to people familiar with the matter.
The efforts come as both companies prepare for public listings expected to unlock significant liquidity and strengthen their balance sheets. Securing an investment-grade rating shortly after going public would mark a notable achievement for the AI labs, which have yet to turn a profit. Such a rating would provide access to the $11.7 trillion corporate bond market and attract institutional investors such as pension funds and insurers, who typically avoid higher-risk debt.
A senior credit analyst noted that Wall Street is attempting to mitigate the perceived impact of the companies’ debt by emphasizing the anticipated liquidity boost following their IPOs. If successful, Anthropic and OpenAI would join a small group of tech firms that received investment-grade ratings soon after listing. SpaceX, which went public in June, was the first major tech company to achieve this milestone immediately after its IPO, benefiting additionally from changes in index inclusion rules that drove substantial passive investment inflows.
By contrast, firms like Meta, Netflix, and Tesla took more than a decade after going public to earn investment-grade status. Discussions regarding the credit ratings for Anthropic and OpenAI are ongoing, with neither company having disclosed their IPO schedules publicly. Representatives for Anthropic, OpenAI, Morgan Stanley, Goldman Sachs, Moody’s, S&P, and Fitch declined to comment.
Both AI labs have obtained large credit facilities from major banks but so far have relied primarily on institutional and venture capital funding to support their extensive spending on semiconductor chips and data centers required to develop and operate their models. Growing concerns about their rising debt levels have contributed to increased borrowing costs in recent months, bolstering the case for pursuing higher credit ratings to secure better financing terms.
Despite these efforts, credit rating analysts remain cautious. The companies continue to operate at a loss with no clear path to positive free cash flow, while facing competitive and regulatory uncertainties, including the emergence of Chinese open-weight AI models. A senior credit analyst described both firms as still residing firmly in speculative-grade territory.
Anthropic, a five-year-old startup, is expected to release its IPO prospectus soon, with some estimates valuing the company at $2 trillion or more. OpenAI is anticipated to file for its IPO next year, marking the next significant move in the evolving AI industry’s relationship with public capital markets.