OpenAI and Anthropic Race Toward IPO – Both Could Be Valued at Over $1 Trillion

The Race to the Stock Exchange Is On

Two of the world's most valuable AI companies are now poised to go public at nearly the same time. According to Seeking Alpha, OpenAI has confidentially submitted a draft IPO prospectus (S-1) to the U.S. Securities and Exchange Commission – just one week after Anthropic did the same on June 1, 2026.

OpenAI's IPO advisers are reported to be Goldman Sachs and Morgan Stanley, and a public market debut could come as early as September 2026, or alternatively during 2027.

Valuation: Nearly One Trillion Dollars – but on Very Different Foundations

Anthropic was valued at nearly $965 billion in May 2026 following a Series H funding round of approximately $65 billion. Certain secondary market transactions have suggested valuations exceeding $1 trillion. OpenAI was valued at $852 billion in a private funding round in March 2026, and market forecasts indicate the company could target a public market valuation of over $1 trillion.

At a hypothetical valuation of $830 billion, OpenAI would trade at roughly 65 times its 2025 revenues – a far higher multiple than most technology companies, according to research materials.

Profitability: Dramatic Differences

This is where the two companies diverge significantly.

Anthropic reports an annualized revenue run rate of approximately $47 billion as of May 2026 – up from around $10 billion a year ago. The company expects to deliver its first quarterly operating profit in Q2 2026, with an estimated result of $559 million on revenues of $10.9 billion. Gross margins are approaching 70 percent.

OpenAI paints a far darker picture. The company generates around $2 billion in monthly revenue, and its annualized revenue run rate reached $25 billion in February 2026. Nevertheless, the company is reported to lose approximately $1.22 for every dollar it earns. The projected loss for 2026 alone is $14 billion, and cumulative losses could reach $115 billion by 2029. Profitability is not expected before 2029–2030 at the earliest, according to research materials.

Analysts: A "Reality Check" for the AI Market

Analysts note that the two parallel IPOs will serve as a direct test of the credibility of the private AI valuations that have dominated headlines over the past two years.

Ben Emons, CIO at Fed Watch Advisors, believes Anthropic's listing could become a "reality check" for the AI investment trend, as public investors will ask far harder questions about profitability than private venture capitalists have done.

Mark Vena, chief analyst at SmartTech Research, views Anthropic as a more defensible investment due to the company's heavier focus on the enterprise market, which provides a more predictable revenue stream. He also warns that OpenAI's enterprise customers should prepare for significant price increases following an IPO, as the company will be under pressure to demonstrate a path to profitability.

Some analysts suggest that OpenAI's IPO plans may be driven by financial necessity rather than strategic timing – an important caveat investors should bear in mind.

What Happens Next?

Both companies have submitted confidential drafts, meaning the prospectuses are not yet publicly available. Final public market valuations and timing will depend on market conditions and the SEC review process. Given the current market environment – characterized by risk aversion and low investor confidence (Fear & Greed at 8 out of 100) – it is far from certain that the market reception will be as euphoric as the private valuations might suggest.