[OpenAI and Anthropic Aim for Investment-Grade Ratings Before IPO, Wall Street Starts Paving the Way] Beating AI News Flash: Morgan Stanley and Goldman Sachs are in discussions with credit rating agencies on behalf of OpenAI and Anthropic, aiming for the two companies to secure investment-grade ratings shortly after their IPOs. With higher ratings, the companies can issue bonds at lower interest rates, and institutions like pension funds and insurance companies—which typically avoid speculative-grade bonds—will find it easier to invest. This would also ease pressure on their partners. NVIDIA has already provided up to $105 billion in credit support for OpenAI's Ohio data center. Regulatory filings indicate that this guarantee can be terminated as long as OpenAI obtains a "satisfactory credit rating." However, rating agencies have yet to relent. According to analysts cited by the Financial Times, OpenAI and Anthropic are still being viewed as clearly speculative-grade. Neither company has demonstrated the ability to consistently generate positive free cash flow. Meta, Netflix, and Tesla all waited over a decade after their IPOs to achieve investment-grade ratings. SpaceX, which went public this year, quickly secured an investment-grade rating, marking a first among major tech companies. [Original Link]