OpenAI and Anthropic have enlisted banking and advisory teams to seek investment-grade credit ratings from Fitch, Moody's and S&P after potential initial public offerings, a step that could lower their cost of borrowing in the roughly $11.7 trillion U.S. corporate bond market. Morgan Stanley and Goldman Sachs have recently discussed the companies' prospective credit profiles with rating agencies, arguing that IPO proceeds would materially strengthen liquidity and balance sheets. Anthropic is reportedly nearing a public filing of its IPO prospectus, potentially as early as next week, followed by a roadshow in late September and New York trading in late September or early October. Morgan Stanley is the frontrunner for lead-left bookrunner, Goldman Sachs is expected to act as stabilization agent, and JPMorgan, Citigroup and Barclays are expected to hold major underwriting roles. Investors have projected a valuation of $2 trillion or more, while Anthropic told shareholders that July annualized revenue run rate reached $65 billion, up from $47 billion in May. Rating agencies remain cautious because neither company is profitable or has established sustained positive free cash flow. An investment-grade rating could broaden access to pension funds and insurers while reducing dependence on venture funding, bank credit and guarantees from technology partners. The outcome also has implications for Nvidia, Oracle, Alphabet and Broadcom, which have provided substantial credit support for the companies' infrastructure and chip commitments.