Anthropic valued at $965 billion targets $1 trillion IPO before OpenAI

Anthropic’s latest private‑market valuation of $965 billion, $113 billion higher than OpenAI’s, positions it to pursue a $1 trillion IPO as early as October 2026, potentially beating OpenAI’s planned 2027 listing and setting the benchmark for AI‑focused public offerings【1】.

Valuation edge and IPO timing

Anthropic’s $965 billion valuation, disclosed in its June 2026 Series H‑1 filing, eclipses OpenAI’s $852 billion figure from a $122 billion funding round earlier that year【2】. The gap of $113 billion gives Anthropic a clear lead in the race to a trillion‑dollar market debut. While both firms have filed confidential IPO prospectuses, insiders say OpenAI now expects to list in 2027, after Anthropic’s likely October 2026 filing【2】. The timing shift reflects recent tech‑stock volatility and strategic choices about when to tap public markets【2】.

Competitive implications

Anthropic’s enterprise‑focused revenue model—80 % of its income from corporate customers—contrasts with OpenAI’s mass‑market approach anchored by more than 900 million weekly active ChatGPT users【1】. This divergence may influence investor appetite: enterprise‑centric growth, backed by Amazon and Google, could be seen as a steadier revenue stream, while OpenAI’s reliance on consumer subscriptions and a 26 % equity stake held by its nonprofit arm adds governance complexity【1】. Moreover, Anthropic’s recent export‑control episode and Pentagon “supply chain risk” label highlight regulatory headwinds that could affect its market perception, whereas OpenAI faces its own pressures, including a proposed 5 % government share sale and litigation risks【1】.

Financial backdrop

Both companies are burning billions on AI compute, but Anthropic’s projected $47 billion annual recurring revenue for 2026 is roughly double OpenAI’s estimate, underscoring a faster growth trajectory【1】. OpenAI’s loss of about $1.22 for every dollar earned, driven by high R&D and cloud costs, raises concerns about profitability beyond 2030【1】. Anthropic’s higher valuation therefore hinges on sustaining its rapid revenue expansion while navigating potential political friction, especially given its refusal to align with the Trump administration—a stance that could amplify stock volatility【1】.

What to watch

• Anthropic IPO filing – Confirmation of an October 2026 filing and pricing details.
• OpenAI IPO timeline – Any shift in OpenAI’s target from 2027 to an earlier date.
• Regulatory developments – Re‑imposition of export controls or new government contracts affecting either firm.

Anthropic’s $965 billion valuation and $1 trillion IPO ambition could set a new ceiling for AI companies, but the ultimate outcome will depend on how both firms manage cost growth, regulatory risk, and investor sentiment in a volatile tech market.