Generative AI companies are increasingly using corporate bonds and structured financing to fund data centers and semiconductor purchases, moving beyond support from technology companies and venture investors. Banks overseeing potential OpenAI and Anthropic IPOs have asked Moody’s, S&P and Fitch to consider investment-grade ratings after listing, which could reduce borrowing costs and open access to pension funds and insurers. Reuters Breakingviews, citing Goldman Sachs data, said AI-linked debt reached about $500 billion from the start of this year through early August, while AI-related capital expenditure is expected to exceed $1 trillion this year and reach $5 trillion to $7 trillion cumulatively by 2030. The financing push comes despite continuing losses, complex guarantees and uncertainty over power, permits, semiconductor supplies and future cash flow. OpenAI recorded a $20.9 billion operating loss on $13.1 billion of 2025 revenue, while Anthropic expects to break even in 2028 and OpenAI in 2030. Oracle’s negative free cash flow, $260 billion long-term data-center lease contract and $129.5 billion of debt prompted S&P to cut its rating to BBB-, one notch above speculative grade, in July.