S&P Global downgraded Oracle's credit rating from "BBB" to "BBB-" on July 12, 2026, citing OpenAI as a "key credit risk." Oracle's AI business is burning through far more cash than expected, with capital spending now projected to hit $95 billion by 2027, up from an earlier $60 billion estimate, while revenue won't materialize for years. OpenAI accounts for roughly half of Oracle's $638 billion in contractual obligations, and S&P noted that if OpenAI collapsed, Oracle would be stuck with massive data center capacity it couldn't fill. S&P stated this puts Oracle in a tougher spot than AWS, Google, and Microsoft, which have internal workloads to absorb excess capacity and deeper financial reserves, though even their balance sheets would take a serious hit if OpenAI went under. Separately, SoftBank reportedly had to cut a loan backed by OpenAI shares from $10 billion to $6 billion because lenders struggled to value the privately held company, and OpenAI has pushed its IPO back to 2027.