Dual $1 trillion-plus listings would force transparency and funding discipline on frontier AI firms, reshaping investor access.
OpenAI and Anthropic have filed confidentially for initial public offerings targeting $60 billion each, valuing both above $1 trillion. The listings would require public-company disclosures, including metrics on revenue, lawsuits, and governance, providing investors with a benchmark for AI model makers.
Anthropic’s revenue run rate surged to $47 billion in May from $1 billion at 2024’s end, surpassing OpenAI’s estimated $25 billion to $33 billion. Both firms rely on private funding, with Anthropic raising $65 billion at a $965 billion valuation in May and OpenAI securing $122 billion at $852 billion in March.
The IPOs could reduce dependence on private capital but face delays, as OpenAI reportedly considers postponing its listing amid high stakes.