OpenAI files for US IPO one week after Anthropic, as SpaceX readies Friday listing
The ChatGPT developer submitted confidential paperwork to the SEC, following Anthropic’s filing a week earlier. SpaceX is set to go public on Friday, completing the trio of mega-listings.
The race to go public
The contest between Sam Altman’s OpenAI and Dario Amodei’s Anthropic has moved from AI models to Wall Street. Anthropic, maker of Claude, filed confidential paperwork with the SEC on June 1, getting a week’s head start on its larger rival. OpenAI submitted its own application on June 9, but stressed that it is in no hurry.
A September debut is possible, according to reports.We have not decided the timing; it could take a while, because there are things we want to do that are probably easier as a private company.
- Anthropic files confidential IPO paperwork with SEC
- OpenAI files confidential IPO paperwork with SEC
- SpaceX expected to go public, targeting $1.8 trillion valuation
SpaceX adds to the frenzy
Elon Musk’s SpaceX is set to go public this Friday, June 12, aiming for a valuation of nearly $1.8 trillion and proceeds of around $75 billion. That would make it the largest IPO ever, despite the company reporting less than $19 billion in revenue and a net loss last year. SpaceX’s promise rests on future growth projections, a narrative that will also be crucial for the AI firms. Together, the three listings mark a pivotal moment for tech investors.
Valuations and financial firepower
Anthropic’s most recent funding round valued it at $900 billion, though some reports put its current valuation as high as $965 billion. OpenAI was last valued at $840 billion, but the company is targeting up to $1 trillion in its IPO, according to Reuters. Both have spent heavily: OpenAI has raised $185.9 billion since its founding, while Anthropic has raised $126.8 billion, according to PitchBook. OpenAI disclosed monthly revenue of $2 billion in March, with ChatGPT serving over 900 million weekly active users.
- Anthropic
- 965 $bn
- OpenAI
- 852 $bn
- SpaceX
- 1800 $bn
Infrastructure costs and investor doubts
The proceeds from the IPOs would finance massive data center investments. OpenAI has outlined plans worth hundreds of billions of dollars, and Gartner estimates global AI spending will surpass $2.5 trillion this year. Yet skepticism remains about whether these outlays can be recouped. The AI IPOs will be a test of investors’ willingness to fund a sector still burning cash, several analysts noted. Anthropic’s CEO, Dario Amodei, recently called for a pause in AI development, citing risks of losing control, even as the company races to market.
Legal obstacles cleared
OpenAI’s path to the public markets was smoothed by a Delaware jury’s decision in May to dismiss a lawsuit brought by Elon Musk. Musk had challenged the company’s restructuring into a public benefit corporation. The verdict removed a key legal risk, according to analysts. Microsoft, an early investor, has put $13 billion into OpenAI since 2019, and recent renegotiations of their partnership allowed the AI firm to collaborate with Amazon and Alphabet as well.
