Anthropic and OpenAI are working with their bankers to secure investment-grade credit ratings following their anticipated initial public offerings (IPOs), a move aimed at reducing borrowing costs as they scale up investments in artificial intelligence infrastructure. Morgan Stanley and Goldman Sachs have engaged in discussions with credit rating agencies in recent weeks on behalf of the two AI firms, seeking access to the $11.7 trillion corporate bond market after their public listings, according to sources familiar with the matter.

Bankers argue that going public will unlock significant liquidity for the companies and strengthen their balance sheets, potentially qualifying them for higher credit ratings. Achieving investment-grade status from major agencies such as Fitch, Moody’s, and S&P shortly after listing would represent a notable departure from precedent among emerging tech companies and would enable the firms to tap a wider base of institutional investors, including pension funds and insurers that typically avoid higher-risk debt.

This strategy reflects broader shifts on Wall Street as it adapts to the rise of AI and large tech IPOs. SpaceX, which completed an IPO in June, became the first tech company to receive an immediate investment-grade rating, aided in part by recent changes to index inclusion rules that drew substantial passive investment flows. By comparison, established tech companies like Meta, Netflix, and Tesla waited years—often a decade or more—before earning such ratings.

Both Anthropic and OpenAI have yet to announce official IPO timelines. Industry insiders indicate that discussions with credit rating firms are ongoing. Neither company nor their banks or rating agencies have commented publicly on the process.

Despite having secured large credit lines from major banks, both AI labs have primarily funded their extensive chip and data center investments through institutional and venture capital financing. Rising concerns about mounting debt associated with AI projects have exerted upward pressure on borrowing costs in recent months. An investment-grade bond rating would give these firms access to more affordable borrowing and diversify their capital sources.

However, rating agencies remain cautious. Both Anthropic and OpenAI continue to operate at a loss and have yet to demonstrate positive free cash flow. Analysts note increasing competitive pressures, including from Chinese AI models, which add to the uncertainty. One senior credit analyst described the firms as still deep in speculative-grade territory due to their current financial profiles.

Anthropic is expected to release its IPO prospectus soon, offering public insight into its financial status and potentially setting a valuation exceeding $21 billion for the five-year-old company. OpenAI is projected to follow with an IPO filing in the coming year. The outcomes of these listings will play a crucial role in determining the firms’ credit ratings and future access to capital markets.