The race to bring the world’s leading AI companies to the public markets is officially underway.
Anthropic confidentially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission on June 1, 2026. OpenAI followed with its own confidential submission on June 8. Both companies have now entered the SEC review process, although neither has publicly disclosed its financial statements, offering size, share price, ticker symbol, or final listing date.
Anthropic currently appears to be slightly ahead. Just days before its filing, the Claude developer raised $65 billion at a post-money valuation of $965 billion. Its IPO will still depend on the completion of the SEC review, market conditions, and other factors.
OpenAI is reportedly considering a valuation of up to $1 trillion. However, the company has emphasized that it has not made a final decision on timing and may remain private longer to complete projects that could be more difficult after becoming a public company. Recent reports suggest that OpenAI is also considering postponing its listing until 2027.
The next major signal will be the publication of their S-1 registration statements. Those filings should reveal crucial information about revenue, losses, computing costs, major shareholders, governance structures, and business risks.
For investors, the IPOs of Anthropic and OpenAI could become one of the most important tests yet of Wall Street’s confidence in the generative AI industry.
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