The AI IPO Era Begins
OpenAI and Anthropic, the two most valuable private AI companies in the world, have both confidentially filed for US initial public offerings, setting the stage for a historic battle for investor capital. OpenAI is targeting a valuation of up to $1 trillion with a potential debut as early as September 2026, while Anthropic filed in June at a $965 billion valuation and is targeting an October Nasdaq listing.
The dual filings follow Elon Musks SpaceX, which went public in June with a $75 billion offering at a $1.75 trillion valuation, and represent the most consequential test of investor appetite for high-growth technology stocks in the last 10 years.
The Numbers Behind the Hype
OpenAI disclosed that ChatGPT now has over 900 million weekly active users and more than 50 million consumer subscribers. In March 2026, the company reported $2 billion in monthly revenue, growing roughly four times faster than Alphabet and Meta did during their early growth phases. That compares with about $1 billion in quarterly revenue at the end of 2024.
Anthropic has emerged as OpenAIs biggest rival, with soaring demand for its Claude AI from software developers for coding assistance. Its top-shelf model Mythos is being deployed by firms to unearth vulnerabilities in their code. Anthropics valuation vaulted past $1 trillion on some trading platforms in April after a $65 billion funding round.
Open-Source Competition Looms
Despite the eye-popping valuations, both companies face significant headwinds. Open-source model competition is intensifying. Chinas Moonshot AI released its Kimi K3 model, which performs close to the latest US-owned systems, giving the market its strongest challenger since DeepSeek R1. US regulators have expressed suspicion about these open-source models, suggesting illicit distillation and potentially blocking access.
Meanwhile, both companies are burning cash at staggering rates. OpenAI told investors it does not expect to be profitable until 2030, with computing hardware costs alone reaching approximately $20 billion annually.
The Legal Landscape
OpenAIs path to IPO was cleared in May when a US jury ruled against Elon Musks lawsuit, which had accused OpenAI and CEO Sam Altman of turning the nonprofit into a vehicle for private enrichment. The unanimous verdict removed a key legal hurdle.
OpenAI also restructured from a nonprofit-controlled entity to a public benefit corporation, a move designed to ease its transition to public markets while raising far more capital.
Investor Sentiment
While the blockbuster offerings could inject fresh momentum into the US IPO market, some bankers warn they might also soak up capital that could otherwise flow to smaller deals. What OpenAI does not want, analysts say, is for the public market capital to exhaust itself before its debut, especially with both SpaceX and Anthropic ahead of it in line.
