OpenAI and Anthropic Chase Investment-Grade Status After SpaceX's IPO

According to the Financial Times on Tuesday, Goldman Sachs and Morgan Stanley have requested that the three major credit rating agencies classify OpenAI and Anthropic as investment-grade borrowers as soon as they go public.

The investment-grade designation allows pension funds and insurance companies to purchase a firm's bonds. Neither laboratory is profitable, yet Wall Street still desires the rating despite both burning through cash.

Nvidia's $105 Billion at Stake on OpenAI's Rating

According to Financial Times accounts, OpenAI recorded a $20.9 billion operating loss on $13.1 billion in revenue in 2025. Anthropic forecasts it will not reach break-even until 2028, while OpenAI expects to do so in 2030.

Nvidia agreed in August to guarantee up to $105 billion of lease obligations for an OpenAI campus in Pike County, Ohio. The securities filing also outlines the circumstances under which Nvidia's obligations would be terminated.

"NVIDIA’s obligations under an Agreement will terminate upon the earliest to occur of… (iii) OpenAI achieving a satisfactory credit rating," reads an excerpt in the filing.

The circumstances that would trigger the end of Nvidia's obligations are listed below, with the third item being the main objective here:

• The 20th anniversary of the start of the relevant lease.
• Termination of the relevant lease by OpenAI as per its terms.
• OpenAI obtaining a satisfactory credit rating, and,
• Other standard termination events. OpenAI has agreed to compensate and indemnify Nvidia for any sums Nvidia actually pays to the lessor under the agreements.

A credit rating does more than reduce borrowing expenses. It transfers hundreds of billions of dollars in AI-related risk from Nvidia, Google, and Broadcom to regular bond investors.

Google and Broadcom have provided tens of billions in backing so that Anthropic can utilize their chips. Both companies plan to reduce that support after Anthropic goes public.

SpaceX Secured the Rating, but Its Bonds Still Dropped

On June 19, just days after its notable IPO, SpaceX obtained investment-grade ratings from all three agencies.

Subsequently, SpaceX issued $25 billion in bonds. Within a few days, the additional yield required by investors on the longest-dated bonds exceeded 190 basis points, approaching junk levels.

@SpaceX bonds sell off days after #AI and rocket group’s $25bn debt deal #junkhttps://t.co/8YjM1XwRSY via @ft

— Richard Christopher Whalen (@rcwhalen) July 1, 2026

Meta, Netflix, and Tesla each waited over ten years to receive similar ratings.

Credit Agencies Have Not Yet Approved

Rating analysts continue to characterize both labs as speculative-grade and unprofitable, with limited disclosure. The availability of inexpensive Chinese open-source models is an additional concern.

Anthropic might go public in late September, promoting a $2 trillion valuation.

OpenAI's own schedule for an IPO targets 2027.

The request is straightforward but atypical: treat IPO proceeds as a substitute for profitability. Thus far, the agencies have not complied.