OpenAI and Anthropic Want What SpaceX Got After Its IPO Despite Billions in Losses

Goldman Sachs and Morgan Stanley have asked the three big credit rating agencies to treat OpenAI and Anthropic as investment-grade borrowers the moment they go public, the Financial Times reported Tuesday.

Investment grade is the rating tier that lets pension funds and insurers buy a company's bonds. Neither lab turns a profit, but even as both burn cash, Wall Street wants the stamp anyway.

Nvidia Has $105 Billion Riding on This

OpenAI ran a $20.9 billion operating loss on $13.1 billion of revenue in 2025, according to accounts obtained by the Financial Times. Anthropic does not expect to break even until 2028, and OpenAI not until 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 spells out how Nvidia gets free.

"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.

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