OpenAI files for IPO, joins Anthropic in AI market dash

• Market is set to test whether sky-high private valuations can translate into durable public investor demand for AI leaders.

ChatGPT maker OpenAI said Monday it has confidentially filed for a US initial public offering, moving in tandem with rival Anthropic as investors jockey for exposure to the AI boom.

OpenAI did not disclose the size or terms of the offering and cautioned that timing remains uncertain, saying some priorities may be “easier as a private company” for now.

Reporting and investor chatter suggest a potential valuation target approaching the trillion-dollar mark and a debut as early as September, though final terms will depend on market conditions.

Anthropic disclosed on June 1 that it, too, had confidentially filed for an IPO, sharpening a high-stakes race between the leading AI developers amid surging enterprise and developer demand for advanced models.

Risk appetite

The dual offerings could become a barometer for risk appetite in technology equity markets after a muted period for new listings.

OpenAI’s path to the public market has been shaped by its evolving governance and partnerships. The company renegotiated its landmark collaboration with Microsoft, creating room for new alliances while maintaining deep ties to Azure, and it recently cleared a major legal overhang when a US jury ruled against Elon Musk in his lawsuit challenging OpenAI’s direction, according to multiple reports.

Analysts say that verdict removed a key uncertainty ahead of the IPO process.

Investor focus now turns to growth, unit economics, and competitive dynamics across frontier AI. With OpenAI and Anthropic both advancing toward public listings, the market is set to test whether sky-high private valuations can translate into durable public investor demand for AI leaders.