The two most valuable private companies in AI are racing toward public markets. Anthropic filed a confidential S-1 registration statement on June 1, 2026, while OpenAI submitted its own draft IPO paperwork around May 22, 2026.
Anthropic is targeting a fall 2026 listing with a projected valuation of approximately $965 billion. OpenAI, which appears to be leaning toward a 2027 debut, carried a private valuation of $852 billion as of March 2026. Both companies intend to cross the $1 trillion threshold at IPO.
The crypto collateral damage is already here
Unofficial Solana-based tokens that were tracking the pre-IPO valuations of both companies dropped by roughly 40% in May 2026. The plunge came after both OpenAI and Anthropic issued warnings that these token structures don’t comply with their regulations.
The projected liquidity absorption from these mega-IPO events could exceed $240 billion.
