The AI IPO Race: OpenAI and Anthropic Confidentially File for Wall Street Debut
The landscape of artificial intelligence is shifting from a race of research breakthroughs to a race for public market dominance. In a historic move for the industry, both OpenAI and Anthropic have confidentially filed for Initial Public Offerings (IPOs) in June 2026, signaling the transition of the world's most powerful AI labs into the scrutiny of Wall Street.
Anthropic: The Trillion-Dollar Contender
Anthropic, the creator of the Claude AI series, submitted its draft registration statement to the U.S. Securities and Exchange Commission (SEC) on June 1, 2026. The filing comes on the heels of a massive Series H funding round that pushed the company's valuation to a staggering $965 billion—just shy of the trillion-dollar mark. With an annualized revenue run rate of approximately $47 billion as of May 2026, Anthropic is positioning itself as a lean, high-efficiency alternative to its larger rivals.
Analysts expect Anthropic to make its public debut in the second half of 2026, potentially in the fall, provided the SEC approval process proceeds without major hurdles. The company's focus on "Constitutional AI" and safety may serve as a key differentiator for institutional investors wary of the risks associated with unconstrained AI growth.
OpenAI: Targeting the Trillion-Dollar Mark
OpenAI, the architect of ChatGPT, confirmed on June 8, 2026, that it had confidentially filed its S-1 form with the SEC. While its most recent private funding round in March 2026 valued the company at $852 billion, sources indicate that OpenAI is targeting a valuation of $1 trillion for its public debut.
Unlike Anthropic, OpenAI has signaled a more flexible timeline. The company noted that certain strategic objectives might be more effectively achieved while remaining private, suggesting that its actual stock market entry could be pushed to late 2026 or even early 2027. This caution highlights the tension between the need for massive public capital and the desire to maintain agility in the rapidly evolving AGI race.
The AI IPO Wave: A Test for Investors
These filings are not isolated events. They follow closely behind SpaceX, which also filed for an IPO with an expected valuation of $1.75 trillion. Together, these companies represent a new class of "super-unicorns" that challenge traditional notions of market capitalization and growth.
The arrival of OpenAI and Anthropic on the public market will be a critical litmus test for the "AI Bubble" theory. Investors will be looking for sustainable revenue models beyond API credits and subscriptions, as well as evidence that the massive compute costs associated with scaling models like GPT-5.6 are delivering proportional economic returns.
Comparative Outlook
- Valuation Gap: While both are eyeing the $1T mark, Anthropic's recent funding suggests it may have a more aggressive immediate trajectory. - Revenue Velocity: Anthropic's $47B run rate is a significant metric that the market will use to determine the "AI multiple" for these stocks. - Governance: Both companies are moving from non-profit or hybrid structures to traditional corporate governance, a shift that will be heavily scrutinized by the SEC.
As the "AI IPO Race" heats up, the financial world is preparing for a volatility event that could redefine the NASDAQ and S&P 500 for the next decade.
