Analysts see Anthropic and OpenAI racing to go public before revenue growth rates slow, with valuations at $135 billion and $17 billion gains.
OpenAI and Anthropic are accelerating IPO plans as their revenue growth rates hit sector highs, setting Wall Street accounting standards for AI valuations. OpenAI’s valuation stands at $135 billion, while Amazon’s stake in Anthropic has generated $17 billion in gains, positioning both as key pre-IPO AI plays.
Anthropic’s revenue has quadrupled year-over-year, while OpenAI’s run rate has doubled, per analyst Kate Luria. Polymarket traders assign a 77% chance Anthropic lists by December 31, 2026, versus 23.5% for OpenAI. Public-market proxies remain the primary trading avenue until then.
The urgency stems from expectations that current growth rates represent peak performance, making timing critical for maximizing valuations.