OpenAI (NASDAQ: OPAI) is preparing for an initial public offering (IPO), intensifying competition with Anthropic (NYSE: ANTH) in the AI sector, as reported by BBC and The Guardian. The move signals a pivotal moment in AI capital markets, with implications for tech valuations, investor sentiment, and regulatory scrutiny.
The announcement comes amid OpenAI’s reported $26.7B valuation and Anthropic’s $22.5B valuation, according to Bloomberg, as both firms seek to capitalize on the $1.3T global AI market. OpenAI’s IPO, expected to raise $12B, would rank among the top 10 tech IPOs in history, surpassing Meta (NASDAQ: META)’s 2020 offering. Anthropic, meanwhile, has delayed its IPO to refine its go-to-market strategy, per Reuters.
How OpenAI’s IPO Reshapes AI Capital Markets
OpenAI’s decision to go public follows years of private fundraising, including a $1.5B investment from Microsoft (NASDAQ: MSFT) in 2023. The firm’s 2025 revenue is estimated at $4.2B, with EBITDA margins of 38%, according to The Wall Street Journal. Its IPO would provide liquidity for early investors, including Sam Altman, and enable expansion into enterprise AI solutions.
Anthropic, which competes directly with OpenAI via its Claude model, has yet to file its S-1 registration. However, Silicon Republic reports that the firm has secured $300M in pre-IPO commitments, including from SoftBank (TSE: 9984). The race to go public could accelerate AI sector consolidation, with Google (NASDAQ: GOOGL) and Microsoft likely to respond with strategic acquisitions or partnerships.
The Bottom Line
- OpenAI’s IPO could value the firm at $35B–$40B, based on 2026 revenue multiples of 8–10x.
- Anthropic’s delayed IPO reflects regulatory caution, with the SEC scrutinizing AI firm disclosures.
- The AI sector’s $1.3T market could see 20%+ growth in 2027, per McKinsey.
Market-Bridging: AI IPOs and Broader Economic Impacts
OpenAI’s IPO could trigger a ripple effect in tech stock valuations. Microsoft, which holds a 49% stake in OpenAI, may see its stock benefit from AI-driven cloud revenue growth. Bloomberg notes that Microsoft’s Azure division could see 15% YoY growth in 2027, fueled by AI infrastructure demand.
The IPO also raises inflationary concerns.
