Anthropic and OpenAI both file confidential IPO paperwork as AI listing race begins
AI's two biggest labs are both heading for Wall Street. Anthropic filed confidential IPO paperwork June 1; OpenAI followed June 8. Anthropic's last round valued it at $965B, ahead of OpenAI's $852B. Both are working with Goldman Sachs and Morgan Stanley.
The two most valuable names in artificial intelligence are now on the same path to the public markets. Anthropic filed confidential IPO paperwork with the U.S. Securities and Exchange Commission on June 1, and OpenAI followed a week later on June 8. Both are early-stage steps, not share sales, but they signal that the companies driving the AI boom are preparing to let outside investors buy in. The financial gap between them has narrowed and, on the latest figures, reversed. Anthropic's most recent funding round valued the company at $965 billion, ahead of the $852 billion attached to OpenAI earlier in the year. Both are working with Goldman Sachs and Morgan Stanley on the process. The order of filing matters. By moving first, Anthropic is positioned to be the earlier of the two to test whether public investors will support an AI company at a valuation approaching the trillion-dollar mark. That is a different kind of scrutiny than private backers apply, with quarterly disclosure, a daily share price and a broader base of shareholders weighing the same question: whether the revenue growth behind these valuations can keep pace with the cost of building frontier models.