Anthropic vs OpenAI: AI's new rivalry moves to the stock market
OpenAI and Anthropic are locked in a high-stakes IPO race, with OpenAI targeting a $60 billion offering to surpass all records, while Anthropic, now leading in sales, filed for its own listing and raised $65 billion in funding, valuing it at $965 billion. Both firms aim to capitalize on investor demand for AI exposure, though market scrutiny of their financial models remains a key uncertainty.
OpenAI and Anthropic are competing to dominate the AI sector through record-breaking initial public offerings (IPOs), marking a shift from technological rivalry to capital market battles. According to a Deutsche Bank Research Institute report, OpenAI is preparing to launch a $60 billion IPO, potentially valuing the company at over $1 trillion and surpassing Saudi Aramco’s 2019 IPO, which raised $25.6 billion. The move comes as Anthropic, the maker of Claude, has overtaken OpenAI in sales and filed a confidential draft registration statement for its own IPO, positioning itself to raise over $60 billion this year. Anthropic’s momentum was further solidified by a recent funding round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, valuing the company at $965 billion post-money. Deutsche Bank noted that Anthropic is on track to generate $40 billion in annual recurring revenue, compared to OpenAI’s projected $30 billion. The report suggests both companies are racing to secure investor demand for pure-play AI firms, though public market scrutiny of their financial models remains untested. OpenAI is reportedly aiming for a confidential filing with regulators and could go public as early as September, while Anthropic’s filing was made on June 2, 2026. The competition highlights broader investor enthusiasm for AI, though Deutsche Bank cautioned that the economics of foundation-model companies are still unclear. With both firms vying for Wall Street’s preference, the coming months will determine which company emerges as the leader in AI’s next phase of growth.
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