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

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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.