The biggest names in artificial intelligence are lining up for what could become the most consequential IPO season in years. OpenAI and Anthropic, the two companies sitting at the center of the generative AI boom, are both preparing for public listings later this year, with OpenAI targeting readiness as early as September and Anthropic eyeing October or later.
The trillion-dollar question
OpenAI is working with Goldman Sachs and Morgan Stanley on a confidential S-1 filing. The company’s valuation currently sits somewhere between $850 billion and $1.1 trillion.
Anthropic, the Claude maker founded by former OpenAI researchers, recently closed a $30 billion funding round that pushed its valuation to approximately $900 billion. Its target listing date of October 2026 or later gives it a bit more runway than its rival.
Both companies are staffing up for the transition. OpenAI’s CFO Sarah Friar is steering the financial preparation, while Anthropic has engaged Wilson Sonsini, the Silicon Valley law firm that’s practically a rite of passage for tech companies going public.
