OpenAI beat Anthropic by $1B in Q1 revenue, but stalled user growth, losses, and Anthropic’s SpaceX deal complicate the AI IPO race.

Chinese AI labs are matching American frontier capability at a fraction of the cost.

Cheaper AI models from Chinese and Western rivals are eroding OpenAI and Anthropic's pricing power, raising questions about their sky-high IPO valuations.

After Musk's lawsuit fails, Sam Altman can cash in.