OpenAI, Anthropic Seek Investment-Grade Ratings Post Potential IPOs to Cut AI Borrowing Costs: Report

OpenAI, Anthropic Seek Investment-Grade Ratings Post Potential IPOs to Cut AI Borrowing Costs: Report

Namrata Sen

Tue, September 8, 2026 at 3:10 PM GMT+3 2 min read

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Bankers for OpenAI and Anthropic are reportedly seeking an investment-grade credit rating after their potential initial public offerings (IPOs) to cut down borrowing costs for their ambitious AI projects.

The companies' bankers from Morgan Stanley and Goldman Sachs have been in talks with credit rating agencies. The goal is to tap into the $11.7 trillion corporate bond market post-IPO, the Financial Times reported on Tuesday.

OpenAI and Anthropic's Potential IPOs Could Boost Liquidity

Analysts at rating agencies told the news outlet that bankers for OpenAI and Anthropic believe that the two companies going public would enhance liquidity and strengthen their financial standing. A senior credit analyst quoted by FT said, "Wall Street is trying to minimise their overall debt impact by arguing that these two companies will soon be flush with liquidity."

The rating could attract pension funds, insurers and other institutional investors that have limited exposure to riskier speculative-grade debt, as per the report.

Discussions over OpenAI and Anthropic's ratings remain ongoing, with no final decisions reached, according to the report. Neither company has publicly disclosed a roadmap for a potential IPO.

OpenAI and Anthropic did not immediately respond to Benzinga's request for comment.

Read Also:Anthropic Is Chasing a $2T Valuation — A Wall Street Veteran Says Its Biggest IPO Risk Isn't What Investors Think

AI Labs Face Rising Financing Costs

Anthropic and OpenAI have secured major bank credit lines but remain reliant on institutional and venture capital to fund their AI infrastructure needs related to spending on AI chips and data centers. Rising AI debt concerns make investment-grade credit ratings increasingly important for cheaper financing and for Big Tech partners backing hundreds of billions in guarantees.

Nvidia Corp. (NASDAQ:NVDA) $105 billion credit support for OpenAI's planned Ohio data center could end if the AI startup secures a "satisfactory" credit rating, among other conditions, according to a regulatory filing.

Meanwhile, Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Broadcom Inc. (NASDAQ:AVGO) have provided tens of billions in credit support for Anthropic's chip purchases. Broadcom CEO Hock Tan, during the company's Q3 earnings call, said Anthropic and OpenAI are becoming "hyperscalers" and need financing support as they scale.

Notably, Elon Musk's Space Exploration Technologies Corp. (NASDAQ:SPCX) raised $25 billion in bonds shortly after going public and secured investment-grade ratings from all three major agencies, Fitch, Moody's, and S&P. However, the bonds soon sold off, presenting a potentially cautionary tale for credit investors.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Read Also:OpenAI, Anthropic IPOs Could Spark a Selloff in These Struggling Stocks — IBM, Tesla, AppLovin Among Names at Risk

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