Bankers for Anthropic and OpenAI are lobbying rating agencies to give the companies investment-grade credit ratings after their upcoming initial public offerings, according to the Financial Times.
The FT report said Morgan Stanley and Goldman Sachs have held talks with credit rating agencies on the topic in recent weeks.
Bankers have reportedly argued that OpenAI and Anthropic's initial public offerings would unlock massive liquidity and improve the health of their balance sheets.
The AI companies have raised billions of dollars from various VC firms, wealth funds, and other tech firms to match the costs required for developing state-of-the-art foundation models.
An investment-grade rating from major rating agencies would allow OpenAI and Anthropic to access broader and lower-cost corporate bond markets and attract capital from more traditional institutions that previously deemed the companies too risky.
However, AI developers have reported losses worth billions of dollars last year as they continue spending significant amounts of funds on infrastructure and R&D, which may make it difficult for them to receive a high rating under traditional frameworks.
Both companies have yet to set an official date for the IPOs. Reuters reported earlier this month that Anthropic is aiming for a listing before the November U.S. midterm elections. OpenAI CFO Sarah Friar reportedly told employees that the AI lab will be a public company in 2027.