Two of the world’s most valuable Artificial general intelligence companies are sprinting toward the stock market in what could reshape the tech landscape forever. Anthropic and OpenAI, the giants behind Claude and ChatGPT are both preparing for potential IPOs as early as 2026, and the race is getting competitive.
So, why is this news important?
When these companies go public, they’ll need to prove they can turn AI products or services into profit. That means faster product launches, more aggressive expansion, and billions in new capital flowing into an already booming sector. The winners could set the trajectory for how AI integrates into every business on the planet.
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The Contenders: Who’s Running Faster?
Anthropic made headlines last week by engaging top law firm Wilson Sonsini basically the playbook for companies planning an IPO.
The startup behind Claude is aiming for a listing as early as 2026, with no firm timeline yet. It’s a smart move: the company is riding an absolute revenue explosion that most tech companies can only dream about.
In 2025, they’re on track to hit $3.8 billion in API revenue alone, according to industry reporting. That’s already double what OpenAI expects to generate from similar sales.​
Even crazier? Anthropic is projecting $70 billion in annual revenue by 2028, along with $17 billion in positive cash flow. That trajectory would make it one of the fastest-scaling AGI companies ever built.​
OpenAI, backed by Microsoft and Sam Altman, is also laying groundwork for a potential H2 2026 filing. Though CEO Sarah Friar said in November that an IPO isn’t part of immediate plans. That said, the rumored valuation target is staggering around $1 trillion. OpenAI’s advantage is massive consumer reach. ChatGPT in its third year boast of 800 million weekly active users and over 600,000 paying enterprise customers.​
The Money Game
Anthropic’s current valuation sits at $183 billion (as of September 2025), and a new private fundraising round could push that above $300 billion. Microsoft and Nvidia already committed $15 billion to the company as part of a broader strategic deal.​
For context, that $300 billion puts Anthropic in the conversation with established tech giants. Yet the company was founded only in 2021 by former OpenAI employees, led by Dario Amodei. Growth at that scale is almost unprecedented in the software world.
Why Now? Why This Matters?
Both companies are racing because enterprise AI spending is exploding. Over 92% of Fortune 500 companies now use OpenAI technology, while Anthropic has signed up more than 300,000 business clients. When you’ve got that kind of traction and revenue growth, going public becomes a way to fund the next wave of ambition: building better models, acquiring complementary technology, and expanding globally.​
There’s also a strategic advantage to moving first. Whichever company files first sets market expectations for AI valuations, influences investor sentiment, and potentially determines how Wall Street prices the entire sector.
The Catch: OpenAI Has a Structural Problem That Anthropic Doesn’t
Here’s where it gets interesting. Recent analysis from Deutsche Bank found that while OpenAI’s consumer business is slowing, Anthropic is accelerating. Claude’s value among customers increased by 46% year-over-year, and the company claims it has an easier path to profitability.​
This is huge because it suggests Anthropic built a better business model. The company focused on developer and enterprise adoption first, not consumer buzz. That approach is more defensible and more profitable long-term.
What Investors Should Watch
When either company files for its IPO, look for three numbers: revenue growth (both are crushing it), path to profitability (Anthropic looks stronger here), and customer concentration risk (do a few big accounts drive too much revenue?).
Also watch for how each company plans to spend IPO proceeds. More R&D, infrastructure, or market expansion?
The reality is that both companies will likely succeed in going public. The AI market is massive, capital is abundant, and both have proven product-market fit.
But the 2026 race isn’t just about who files first. It’s about which company’s business model Wall Street believes in more.
Right now, Anthropic’s enterprise focus and path to profitability look stronger. OpenAI’s unmatched scale could overcome that. More reason, Sam Altman, OPenAI CEO declares code red on ChatGPT.
Either way, you’re watching two of the most important technology decisions of the decade happen simultaneously.
