Anthropic and OpenAI are seeking investment-grade credit ratings from their bankers to lower borrowing costs ahead of their highly anticipated initial public offerings. Anthropic is also working to finalize a $15 billion revolving credit facility, pushing its IPO marketing timeline to mid-October 2026. The company's valuation has surged to $2 trillion on secondary markets, driven by quarterly revenues passing $11.5 billion, as both AI giants race to secure favorable financing for massive infrastructure demands.
Anthropic IPO timing shift
- ▪Investment banks Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are working on Anthropic's stock market listing.
- ▪Anthropic expects to begin marketing its initial public offering in mid-October 2026 at the earliest, with the listing completing shortly before the US midterm elections in November 2026.
- ▪Anthropic's initial public offering prospectus, initially expected by bankers as early as the week of September 6, 2026, is now anticipated in late September 2026.
OpenAI public listing plans
- ▪OpenAI filed confidentially for an initial public offering before Anthropic did and continues to plan for a public stock market listing.
- ▪OpenAI is seeking investment-grade credit ratings from its bankers to secure more favorable financing terms and lower borrowing costs ahead of its initial public offering.
Investment-grade credit rating pursuit
- ▪Market participants view the push for investment-grade credit ratings by Anthropic and OpenAI as a strategic effort to enhance their financial positions ahead of their initial public offerings.
- ▪Anthropic is working to finalize a $15 billion revolving credit facility, which must close before financial analysts from the financing banks meet with the company.
Anthropic $15bn revolving credit facility
- ▪The $15 billion revolving credit facility is intended to serve as working capital for Anthropic and demonstrate to public investors that the company will not need to raise capital immediately post-IPO.
- ▪Anthropic filed confidentially with the Securities and Exchange Commission in June 2026 at an estimated valuation of $965 billion.
Anthropic valuation surge to $2trn
- ▪Anthropic's quarterly revenue exceeded $11.5 billion in August 2026, marking a fourteenfold increase compared to the previous year.
- ▪Anthropic's valuation on secondary markets rose to $1.2 trillion by July 10, 2026, and reached approximately $2 trillion by mid-August 2026.
- ▪Broadcom sought more than $60 billion in debt in August 2026 to fund semiconductor chips for Anthropic.
AI infrastructure debt financing
- ▪Investment firms Apollo and Blackstone marketed a $36 billion chip financing package in May 2026 to support Anthropic-linked infrastructure.
- ▪A $1.3 billion loan is funding the construction of an Anthropic data center in Texas, with the debt kept off Anthropic's own balance sheet.
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