Wall Street Pushes for Investment Grade Ratings for OpenAI and Anthropic

Investment banks Goldman Sachs and Morgan Stanley are lobbying credit rating agencies to grant investment grade status to OpenAI and Anthropic before they even go public. This classification is highly sought after because it allows pension funds and large insurance companies to purchase a company's debt. Currently, both AI labs operate at massive losses, with reports suggesting OpenAI may not break even until 2030.

The push for this status is tied closely to the tech industry's need to shift financial risk. Companies like Nvidia, Google, and Broadcom have provided billions in support to help these AI firms grow, but they are eager to offload those obligations once the firms list on public markets. If these AI companies receive an investment grade rating, the risk of their debt moves from tech giants to traditional bond market investors.

History suggests this path is not a magic solution. SpaceX received an investment grade rating shortly after its recent public listing, yet its bonds saw a significant sell off shortly after. Investors demanded much higher yields, effectively pushing the bonds toward junk status pricing.

For now, the rating agencies remain cautious. Analysts still view both OpenAI and Anthropic as speculative bets due to their lack of consistent profit and the competitive threat from cheaper open source models. Whether these firms can secure the rating they desire before their respective IPOs remains one of the most important stories for market observers to follow.