OpenAI and Anthropic Seek Investment-Grade Ratings Like SpaceX, Despite Substantial Losses
Goldman Sachs and Morgan Stanley have requested that credit rating agencies classify OpenAI and Anthropic as investment-grade borrowers immediately upon their public listings. This would allow pension funds and insurers to invest in the companies' bonds despite both being unprofitable. In 2025, OpenAI reported a $20.9 billion operating loss on $13.1 billion of revenue, while Anthropic expects profitability by 2028 at earliest. Nvidia has guaranteed up to $105 billion in lease obligations for an OpenAI campus and will be released from this obligation if the company achieves investment-grade status. The push for a rating aims not only to reduce borrowing costs but also shift AI-related financial risk onto bond investors, reducing exposure for major tech firms like Google and Broadcom. SpaceX achieved similar treatment after its IPO in June 2026, though its bonds still traded near junk levels due to high yields demanded by investors. Analysts remain skeptical about OpenAI and Anthropic's ability to secure investment-grade ratings given their speculative nature and lack of profitability.
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Topics: AI Anthropic debt guarantees investment-grade rating Nvidia OpenAI