Anthropic is currently expected to go public before OpenAI. Reuters reported on October 22, 2026, that Anthropic was targeting a mid-November IPO, with its prospectus expected to become public in late October. OpenAI, meanwhile, has been pursuing additional private funding ahead of a potential 2027 listing. Neither company’s eventual trading date is guaranteed.
Why the OpenAI vs. Anthropic IPO race matters in October 2026
The OpenAI vs. Anthropic IPO comparison has become more important as the two AI companies compete for capital, customers, computing capacity, and investor attention. Their potential public offerings could give investors a rare opportunity to evaluate two leading AI developers using public financial disclosures rather than relying mainly on private funding valuations.
The timing matters, too. OpenAI is reportedly trying to secure new investor commitments before Anthropic’s anticipated listing. At the same time, market volatility and concerns about the cost of AI infrastructure have pushed several other technology and data center companies to postpone their offerings.
For US readers, the key question is not simply which company will list first. It is whether each company’s revenue growth, spending commitments, governance, and risk profile can support the valuation investors are being asked to accept.
OpenAI vs. Anthropic IPO at a glance
The table below separates officially disclosed financing history from reported IPO expectations. The private valuations are not equivalent to confirmed public-market prices.
| Comparison | OpenAI | Anthropic |
|---|---|---|
| IPO timing | 2027 has been reported as a potential target | Mid-November 2026 is the reported target |
| Public prospectus status | Confidential filing has been reported; confirm the latest official status before publication | Confidential draft S-1 submitted in June 2026; public filing anticipated in late October |
| Latest disclosed private valuation | $852 billion post-money in March 2026 | $380 billion post-money in February 2026 |
| Newer reported valuation | Above $1.4 trillion for a proposed private funding round | Around $1.5 trillion for the anticipated IPO, with earlier reports discussing up to $2 trillion |
| Funding development | Reportedly accelerating a roughly $30 billion funding round | Preparing for a potential public offering |
| Governance | OpenAI Foundation and OpenAI Group PBC | Anthropic PBC and Long-Term Benefit Trust |
| Public trading status | No confirmed public listing established by the cited reporting | No confirmed completed public listing established by the cited reporting |
Sources: Reuters on OpenAI’s fundraising, Reuters on Anthropic’s IPO, Anthropic’s official S-1 announcement.
How to read the evidence tracker
Confirmed: A published company statement, official filing, or completed transaction supports the claim.
Reported: A credible news organization attributes the information to sources or documents, but the company has not necessarily confirmed the plan.
Expected: A future event, price, or timeline remains subject to change.
Unconfirmed: The available evidence does not establish the claim as a fact.
Last checked: October 22, 2026. Recheck official company announcements and SEC filings before publication. A confidential S-1 submission is not the same as a public prospectus, a priced offering, or a completed IPO.
What is known about Anthropic’s IPO date?
Anthropic is the company with the more immediate reported IPO timetable. Reuters reported on October 22 that it was pressing ahead with a potential mid-November listing and expected to make its prospectus public in late October. The report also said the company could begin marketing its shares during the week of November 9. These dates remain provisional.
Why a mid-November 2026 listing is being reported
Anthropic confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission on June 1, 2026. In its official announcement, the company said the submission gave it the option to go public after SEC review, depending on market conditions and other factors. It also stated that the number of shares and offering price had not yet been set.
The newer Reuters reporting indicates that the process has advanced toward a possible public filing. However, the company has not established a guaranteed trading date merely by submitting a confidential draft.
What the IPO prospectus can reveal
A public S-1 registration statement can provide information that private-market investors do not usually receive in one standardized public document. Readers should look for:
- Audited financial statements and the periods covered.
- Revenue growth, operating losses, and cash resources.
- Material contracts and future infrastructure commitments.
- Customer concentration and dependence on cloud providers.
- Risk factors, share classes, and ownership structure.
- The proposed number of shares and use of proceeds, when disclosed.
Anthropic’s confidential filing has already attracted attention because of its infrastructure spending and financial risks. Reuters reported in September that the company had substantial cloud and computing obligations, alongside rapid revenue growth and significant losses. Those figures need to be interpreted in the context of the actual financial statements rather than treated as a simple verdict on the business.
What could delay Anthropic’s IPO?
An expected IPO can be postponed by weak investor demand, changing market conditions, regulatory review, unresolved offering terms, or a valuation that does not attract enough buyers.
These are potential risks, not evidence that Anthropic will delay its offering. Reuters reported on October 22 that rising interest rates, market volatility, and scrutiny of AI infrastructure spending were affecting the broader technology IPO market. Anthropic’s plan therefore depends on both company-specific readiness and the willingness of public investors to accept its proposed terms.
What is known about OpenAI’s IPO timing?
OpenAI has not been reported as targeting a 2026 public listing. On September 12, Reuters reported that CEO Sam Altman ruled out going public that year, citing concerns about AI safety and alignment. Reuters subsequently reported on October 19 that OpenAI was accelerating a private funding round ahead of Anthropic’s anticipated IPO.
Why OpenAI ruled out a 2026 IPO
Altman’s reported remarks linked the decision to the work needed on AI safety and alignment. He said OpenAI did not feel pressure to go public in 2026.
This is evidence of the company’s stated position at that time, not a binding promise about a future listing. A later announcement or filing could change the outlook. The article should not suggest that safety concerns are the sole reason for OpenAI’s IPO timing unless the company explicitly establishes that connection.
How OpenAI’s latest fundraising plans affect the timeline
Reuters reported on October 19 that OpenAI was seeking to accelerate a funding round of about $30 billion, potentially valuing the company above $1.4 trillion. The report attributed the information to people familiar with the matter and said existing backers, including SoftBank and MGX, were in discussions. These terms should be treated as reported negotiations, not a completed transaction.
The financing effort has two important implications. First, private capital could help OpenAI finance its infrastructure commitments without immediately entering public markets. Second, a large private round could establish another valuation reference point before investors can evaluate the company through a public prospectus.
Neither implication establishes that OpenAI will list in 2027. Reuters described 2027 as the planned listing horizon, while also reporting that market deterioration could push the offering further out.
Is OpenAI likely to go public in 2027?
A 2027 listing is a reported possibility, not a confirmed IPO date. Investors should distinguish between a company’s intended timetable and the formal steps required to complete an offering.
For readers tracking OpenAI IPO 2026 or OpenAI IPO 2027, the most useful developments are official filing announcements, a publicly available registration statement, proposed share terms, and confirmation from the exchange or company when trading is scheduled. Rumors about funding rounds or valuation targets do not substitute for these milestones.
OpenAI vs. Anthropic valuation and financial performance
The companies’ reported valuations are difficult to compare unless readers distinguish private funding transactions from prospective IPO pricing. The same care is needed when comparing revenue: OpenAI and Anthropic may report different measures, and a quarterly figure cannot be compared directly with annualized revenue.
What their disclosed private funding valuations mean
OpenAI announced a $122 billion funding round in March 2026 at an $852 billion post-money valuation. Anthropic announced a $30 billion Series G round in February 2026 at a $380 billion post-money valuation. These are disclosed financing benchmarks, not prices at which retail investors can automatically buy shares.
A post-money valuation generally reflects a company’s agreed value after a financing round. It does not guarantee that all shareholders could sell their holdings at that valuation, nor does it establish the price the public market would accept.
How the reported trillion-dollar valuations differ
Reuters reported that OpenAI’s proposed private fundraising could value it above $1.4 trillion. Separate reporting placed Anthropic’s potential IPO valuation around $1.5 trillion, although earlier expectations had reached $2 trillion.
These figures describe different potential transactions. OpenAI’s reported figure relates to a private funding round, while Anthropic’s figure relates to a possible public offering. Neither is a final market capitalization.
The gap between the earlier $2 trillion discussion and the newer $1.5 trillion estimate also illustrates why anticipated IPO valuations should be dated. Expectations can change as financial results emerge, market conditions shift, and investors reassess the cost of AI infrastructure.
Revenue, profitability, and infrastructure costs
The latest reported figures reveal different aspects of each company’s business, but they should not be treated as a perfectly matched financial comparison.
| Metric | OpenAI | Anthropic |
|---|---|---|
| Reported annualized revenue | $50 billion, with $70 billion projected by year-end, according to Reuters on October 19 | About $65 billion annualized revenue by July, according to Reuters |
| Reported quarterly revenue | The cited report did not provide a directly comparable quarterly figure | $16.8 billion in Q3, up from $11.6 billion in Q2, according to Reuters |
| Financial reporting caveat | Reuters reported that OpenAI deducts partner shares from revenue upfront | Reuters reported that Anthropic counts the gross value of contracts sold through third-party cloud providers |
| Key financial question | Can revenue growth support infrastructure commitments and operating costs? | Can revenue growth support infrastructure commitments and improve profitability? |
Source: Reuters’ October 19 OpenAI fundraising report.
Revenue recognition matters here. If one company records revenue net of partner shares and another records gross sales through cloud partners, their headline figures may not measure the same economic amount. That does not automatically make either company’s accounting incorrect. It means readers need the accounting policies and financial statements before drawing conclusions.
Anthropic’s reported prospectus also highlighted significant spending. Reuters reported that the company generated nearly $4.6 billion in revenue in 2025, lost $42 billion on a net basis, and recorded an operating loss of about $8.06 billion. The reported net loss included large accounting effects associated primarily with financing arrangements. It would therefore be misleading to interpret the entire net loss as an equivalent cash outflow.
For investors, the central issue is whether future revenue and margins can support computing costs, contractual commitments, and the capital needed to develop competitive AI systems. Rapid growth is relevant, but it does not by itself establish sustainable profitability.
How OpenAI and Anthropic’s governance structures differ
OpenAI and Anthropic use public benefit corporation structures, but their governance arrangements are not identical. A public benefit corporation is designed to pursue a stated public benefit alongside business objectives; the designation does not guarantee a particular safety outcome or financial return.
OpenAI Foundation and OpenAI Group PBC
OpenAI’s restructured organization includes the OpenAI Foundation and OpenAI Group PBC. Its official structure materials explain the Foundation’s controlling role and the relationship between the nonprofit and the for-profit business.
For a potential public-market investor, the relevant questions include how control is exercised, which decisions require particular governance approvals, what rights attach to each share class, and how the public-benefit mission interacts with shareholder interests. The final offering documents would be the appropriate place to verify the applicable rights and risks.
Anthropic PBC and the Long-Term Benefit Trust
Anthropic is also organized as a public benefit corporation and has a Long-Term Benefit Trust as part of its governance structure. Its governance materials describe the trust’s role in supporting the company’s long-term mission.
The trust and OpenAI’s Foundation are not interchangeable arrangements. Readers should examine the composition and authority of the relevant governing bodies, how directors are appointed or replaced, and what powers shareholders would hold after a listing.
What governance differences mean for future shareholders
The practical question is not which governance label sounds better. It is how each structure allocates decision-making authority and handles conflicts between financial performance, public-benefit commitments, and AI safety priorities.
A prospectus should make the material risks, share classes, control arrangements, and limitations clearer. Until the relevant documents are available and reviewed, claims that one company offers superior shareholder protections or a more effective safety structure would go beyond the evidence.
Why AI safety and infrastructure spending matter to IPO readiness
AI safety can influence the way a company develops, tests, and deploys its models. Infrastructure spending can influence how much capital it needs and how much financial flexibility remains. Both factors matter to public-market investors, but neither can independently determine whether an IPO will succeed.
OpenAI’s reported decision not to list in 2026 was explicitly connected to safety and alignment work. Anthropic’s reported IPO plans, meanwhile, have brought attention to its own safety disclosures and the financial burden of computing commitments.
The infrastructure issue is especially important because AI developers must pay for computing capacity, data centers, and related services before all potential future revenue is realized. Long-term contracts may secure access to essential resources, but they can also limit a company’s ability to reduce spending if demand or growth falls short.
A useful way to evaluate IPO readiness is to ask three separate questions:
- Operational readiness: Can the company deliver its products reliably and maintain customer demand?
- Financial readiness: Can its revenue, margins, liquidity, and financing arrangements support its obligations?
- Public-market readiness: Are its disclosures, governance, regulatory process, and proposed share terms sufficiently developed for investors to evaluate?
A company can be strong in one area and still face challenges in another. That is why IPO timing alone is not a meaningful measure of business quality.
How US retail investors can verify IPO access
Retail investors should verify that an offering is real and available through legitimate channels before attempting to purchase shares. An anticipated IPO, a private funding round, and an offer to sell private-company shares are three different situations.
Can you buy Anthropic or OpenAI shares before an IPO?
Neither company’s shares should be assumed to be available for ordinary public trading before a confirmed listing. Private-company shares may change hands through restricted secondary transactions, but access can depend on eligibility, transfer restrictions, company approvals, and applicable securities laws.
Be particularly cautious of websites or messages promising guaranteed pre-IPO access. Verify the intermediary, transaction terms, share ownership, fees, and legal restrictions independently. Do not assume that an investment fund, special-purpose vehicle, or private-market listing provides the same rights as directly owning publicly traded common stock.
How to verify a real IPO and its stock ticker
Use this process before acting on IPO news:
- Search the SEC’s EDGAR database for the company’s registration statements and related filings.
- Check the company’s official investor or news announcements for updates to its offering.
- Look for the final prospectus, offering price, and confirmed trading date.
- Verify the exchange and ticker symbol through official exchange information or your brokerage.
- Confirm that your brokerage actually offers access to the security and understand any allocation restrictions.
A confidential filing does not establish that a public offering is available. Even a public registration statement may be amended before the company can proceed.
What to review before evaluating an IPO
Before considering an investment, review the company’s financial statements, valuation assumptions, share dilution, ownership structure, infrastructure commitments, customer concentration, and risk factors. Understand whether reported profitability excludes material expenses or accounting adjustments.
Compare the proposed IPO valuation with the financial information in the prospectus, rather than relying on a headline valuation reported months earlier. If the offering documents do not answer a material question, treat that gap as uncertainty rather than filling it with speculation.
This article is for informational purposes and is not individualized investment advice.
What remains unconfirmed as of October 22, 2026?
The current reporting supports the expectation that Anthropic may list in mid-November and that OpenAI is pursuing private fundraising ahead of a potential 2027 offering. It does not establish the final outcome of either process.
The following points still require verification as developments occur:
- Anthropic’s final public prospectus and confirmed listing date.
- Anthropic’s final offering price, share count, and valuation.
- The completed terms of OpenAI’s reported private funding round.
- OpenAI’s eventual public filing and any confirmed IPO timetable.
- Final share classes, allocation terms, and retail investor access.
- Any changes to either company’s financial outlook or infrastructure commitments.
The most reliable update is the next formal filing or company announcement, not a revised valuation rumor. The evidence tracker should be updated whenever new documents materially change the comparison.
OpenAI vs. Anthropic IPO FAQs
1. Which company is expected to go public first, OpenAI or Anthropic?
Anthropic is currently expected to go public first. Reuters reported on October 22, 2026, that Anthropic was targeting a mid-November offering. OpenAI’s potential listing has been associated with 2027, while its immediate reported priority is private fundraising. Neither timetable should be treated as final until the relevant milestones are confirmed.
2. Is Anthropic’s November 2026 IPO date confirmed?
No. Mid-November is a reported target, not a guaranteed listing date. Anthropic’s June 2026 announcement confirmed that it had confidentially submitted a draft S-1 to the SEC, but the company said its IPO would depend on regulatory review, market conditions, and other factors. The final offering price and share count had not been set in that announcement.
3. Will OpenAI go public in 2027?
A 2027 IPO has been reported as a potential target, but OpenAI has not established a guaranteed listing date in the cited reporting. Sam Altman ruled out a 2026 IPO in September, and Reuters reported in October that the company was accelerating private fundraising. A listing could move if financing, market conditions, or the company’s plans change.
4. Why is OpenAI raising more money before its IPO?
Reuters reported that OpenAI was seeking approximately $30 billion in additional private funding to support its growth and infrastructure needs, while securing commitments ahead of Anthropic’s anticipated offering. The reported round could also help strengthen its financial position if public-market conditions delay a future listing. The proposed terms were not confirmed as a completed transaction in that report.
5. Are OpenAI and Anthropic both public benefit corporations?
Yes. OpenAI Group PBC and Anthropic PBC operate under public benefit corporation structures. However, OpenAI’s Foundation-controlled arrangement and Anthropic’s Long-Term Benefit Trust are distinct governance mechanisms. Investors should review each company’s official governance disclosures and eventual prospectus rather than assuming the structures provide identical rights or protections.
6. Can US retail investors buy OpenAI or Anthropic shares before an IPO?
Not through ordinary public stock trading unless a company has completed its listing and the shares are available through a legitimate brokerage. Some private-market transactions may be accessible to eligible investors, but restrictions and risks apply. Verify the company’s status, the seller’s authority, and the transaction terms before committing money.
7. How is a private valuation different from an IPO valuation?
A private valuation is established through a financing transaction or another valuation method before public trading. An IPO valuation is generally derived from the proposed offering price and share count, with the eventual market capitalization changing as shares trade. A private funding valuation does not guarantee the same valuation at an IPO or after the stock begins trading.
The next milestone worth watching
The next meaningful development is Anthropic’s public prospectus and the details it reveals about financial performance, ownership, risks, and proposed offering terms. For OpenAI, the key milestone is confirmation of its latest financing arrangements and any subsequent public IPO filing.
For ItPhobia readers, the goal is to track what changes the evidence, not to guess which AI company will command the higher valuation. That approach makes the comparison more useful as the IPO plans develop.
For ongoing coverage, readers can explore relevant ItPhobia articles on AI business developments, enterprise AI security, and the economics of generative AI, using the site’s existing published URLs.
Belayet Hossain is a Senior Tech Expert and Certified AI Marketing Strategist. Holding an MSc in CSE (Russia) and over a decade of experience since 2011, he combines traditional systems engineering with modern AI insights. Specializing in Vibe Coding and Intelligent Marketing, Belayet provides forward-thinking analysis on software, digital trends, and SEO, helping readers navigate the rapidly evolving digital landscape. Connect with Belayet Hossain on Facebook, Twitter, Linkedin or read my complete biography.