The AI IPO wave is here: OpenAI files confidentially for an IPO after Anthropic

The artificial intelligence boom is entering a new phase. OpenAI has confidentially filed for a US initial public offering (IPO), marking a major milestone for one of the world's most influential AI firms. The filing comes just days after rival Anthropic, the company behind Claude AI, also began preparations for a public market debut. Together with SpaceX, the three companies could test investor appetite for some of the largest technology listings in modern history.

While OpenAI did not reveal the size or timing of the offering, reports suggest the company could target a valuation of up to $1 trillion. If achieved, it would place OpenAI among the most valuable technology companies ever to enter public markets.

Why OpenAI's IPO is attracting global attention

OpenAI has become one of the defining companies of the artificial intelligence era. Since launching ChatGPT in late 2022, the company has played a central role in bringing generative AI into mainstream use. Businesses, students, developers and consumers now use AI tools for everything from writing and coding to research and customer service. According to information shared during recent fundraising discussions, OpenAI has more than 900 million weekly active ChatGPT users and over 50 million paying consumer subscribers worldwide. The company also reported generating approximately $2 billion in monthly revenue earlier this year.

Those numbers have helped fuel investor enthusiasm and explain why OpenAI's potential IPO is being viewed as one of the most significant technology offerings of the decade.

Anthropic and SpaceX are also heading to public markets

OpenAI is not alone. Anthropic, one of OpenAI's biggest competitors, recently filed confidentially for its own IPO. The company was recently valued at approximately $965 billion after a major funding round and has seen growing demand for products such as Claude AI and Claude Code. Meanwhile, Elon Musk's SpaceX has already filed for a public offering that could value the company at around $1.75 trillion. Reports suggest the offering could raise as much as $75 billion, potentially making it the largest IPO in history.

Together, these listings represent a major test for public markets and could shape investor sentiment towards technology and artificial intelligence companies for years to come. The AI era is becoming a major investment theme. Artificial intelligence has rapidly become one of the most important investment themes globally. Over the past three years, companies developing advanced AI systems have attracted hundreds of billions of dollars in investment. Investors believe AI could transform industries including healthcare, education, finance, manufacturing, cybersecurity and software development.

OpenAI's rapid growth has become one of the strongest examples of that trend

The company reportedly raised funding earlier this year at a valuation of around $840 billion from investors including SoftBank, Amazon and Nvidia. Its growth rate has also drawn attention, with reports suggesting revenue has expanded much faster than many technology giants did during their early years.

OpenAI still faces challenges
Despite its growth, OpenAI faces several challenges.

The company has reportedly told investors that it does not expect to become profitable until 2030. Developing and operating advanced AI systems requires enormous investments in computing infrastructure, data centres and specialised AI chips.

Competition is also increasing

Anthropic continues to gain momentum with its Claude family of models, while Google, Meta, Microsoft, Amazon and other firms continue investing heavily in AI research and development. Investors are increasingly asking whether AI companies can maintain rapid innovation while also building sustainable businesses.

Why investors are watching model progress closely

According to analysts, one of the key factors influencing future valuations will be innovation. The value of companies such as OpenAI and Anthropic depends heavily on their ability to continue improving AI capabilities. If technological progress slows significantly, investors may begin questioning the high valuations assigned to AI firms. So far, however, there is little evidence of a slowdown. New models continue to improve reasoning, coding, search, cybersecurity and multimodal capabilities at a rapid pace, keeping investor interest high.

OpenAI's unusual structure remains under scrutiny

Another factor attracting attention is OpenAI's corporate structure.

The company began in 2015 as a nonprofit research organisation before creating a for-profit arm in 2019 to raise the capital needed for AI development. That structure has remained a subject of debate, particularly after the brief removal and return of CEO Sam Altman in late 2023. In recent years, OpenAI has moved towards a public benefit corporation structure to support future fundraising while maintaining aspects of its original mission. The issue also became part of a legal dispute with Elon Musk, who accused the company of moving away from its founding goals. A US jury ultimately ruled in favour of OpenAI earlier this year.