Oracle Weakened by OpenAI: S&P Global Downgrades Credit Rating
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Oracle Weakened by OpenAI: S&P Global Downgrades Its Credit Rating
S&P Global views OpenAI as a "key credit risk" for Oracle and has downgraded Oracle's credit rating from "BBB" to "BBB-", just above the high-risk bond status. According to S&P, Oracle's AI operations are consuming significantly more cash than anticipated. Capital expenditures are now expected to reach $95 billion by 2027, up from a previous estimate of $60 billion, while revenues are not expected to materialize for several years.
OpenAI accounts for about half of Oracle's $638 billion in contractual obligations. If OpenAI were to collapse, Oracle would be left with a massive capacity of data centers that it could not fill.
S&P indicates that this places Oracle in a more precarious position than AWS, Google, and Microsoft, which have internal workloads to absorb excess capacity and larger financial reserves. However, even their balance sheets would take a serious hit if OpenAI were to disappear.
Doubts are also emerging elsewhere. SoftBank reportedly had to reduce a loan secured by OpenAI shares from $10 billion to $6 billion due to difficulties faced by lenders in valuing the private company. OpenAI has postponed its IPO to 2027.
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