The AI industry prepares for what could become the most significant IPO year in tech history. OpenAI and Anthropic are both positioning for potential public market debuts in 2026.
Wall Street analysts are debating which AI giant will reach public markets first. The combined valuations of both companies could exceed $1.3 trillion.
OpenAI Eyes Record-Breaking Listing
OpenAI is reportedly preparing for an IPO with valuations reaching $1 trillion. This would make it one of the largest public offerings in market history.
CEO Sam Altman has expressed mixed feelings about going public. However, he acknowledged an IPO is the most likely path given the company’s massive capital requirements.
The ChatGPT maker recently completed its transition to a for-profit structure. This corporate restructuring removed a significant barrier to public listing.
OpenAI’s annualized revenue surpassed $20 billion by the end of 2025. The company targets $200 billion in annual revenue by 2030.
CFO Sarah Friar has pointed to 2027 as a likely timeline for going public. However, market conditions could accelerate plans to late 2026.
Anthropic May Beat OpenAI to Market
Anthropic, the Claude AI maker, is reportedly preparing for an IPO as early as 2026. The company has hired law firm Wilson Sonsini to prepare for listing.
Current valuations place Anthropic between $300 billion and $350 billion. Microsoft and Nvidia have committed $15 billion in a recent funding round.
Anthropic has positioned Claude as a trusted solution for regulated industries. Healthcare, finance, and legal sectors increasingly adopt the platform.
The company differentiates itself through tighter spending and model efficiency. This approach resonates with investors concerned about AI company profitability.
Hectocorn Era Raises Bubble Concerns
Bloomberg analysts have dubbed these companies “hectocorns” for their $100 billion plus valuations. The term reflects unprecedented scale in private tech company valuations.
Some observers draw parallels to the dot-com bust of the early 2000s. That era saw hopeless balance sheets ignored in favor of overhyped promises.
Morningstar’s chief equity strategist Michael Field remains optimistic about investor appetite. He notes markets generally pay premium prices when prizes are significant.
However, questions persist about whether public markets will support current valuations. Post-IPO price movements will test whether private valuations align with reality.
Market Impact and Competition
The combined public debuts could inject trillions in fresh liquidity into U.S. markets. Major funds would likely rebalance portfolios to accommodate new AI giants.
Existing tech stocks may face pressure as capital rotates toward pure-play AI companies. Neither OpenAI nor Anthropic deals exclusively in AI like diversified tech giants.
Wall Street banks anticipate their most lucrative underwriting year in over a decade. Advisory and trading revenues are poised to surge significantly.
Risk Factors Remain
Economic uncertainty could delay or alter IPO plans as it did in 2025. The prolonged government shutdown disrupted expected fourth-quarter listing activity.
OpenAI reportedly has $1.4 trillion in outstanding obligations with data infrastructure companies. Investors question how exactly the company will cover these commitments.
Both companies must prove sustainable paths to profitability in public filings. The disclosure requirements will reveal whether AI hype matches financial reality.
