📈OpenAI and Anthropic Eye IPOs With $852B and $30B in Sight
TL;DR
Bloomberg's piece on the two frontier labs lining up IPOs is the first time the market is being asked to value the AI duopoly as public companies. OpenAI was last marked at $852B in March; Anthropic is at a $30B ARR run rate.
Bloomberg's piece on the two frontier labs lining up IPOs is the first time the market is being asked to value the AI duopoly as public companies. OpenAI was last marked at $852B in March; Anthropic is at a $30B ARR run rate.
Key Points
OpenAI valued at $852B in March 2026, targeting a fall IPO window
Anthropic ARR jumped from $9B (Dec 2025) to $30B (May 2026)
Anthropic's $1M-plus annual customers doubled from 500 to 1,000 in two months
Cognition's $26B raise this week sets a comparable for the broader space
Buy-side worry: how do you DCF a company doubling every two quarters
Why It Matters
If OpenAI and Anthropic both go public this year, every AI valuation downstream gets re-anchored, and startups, customers, and competitors all reprice off whatever the public market settles on.
Quick Facts
Frequently Asked Questions
Why does this matter?
If OpenAI and Anthropic both go public this year, every AI valuation downstream gets re-anchored, and startups, customers, and competitors all reprice off whatever the public market settles on.
What happened?
Bloomberg's piece on the two frontier labs lining up IPOs is the first time the market is being asked to value the AI duopoly as public companies. OpenAI was last marked at $852B in March; Anthropic is at a $30B ARR run rate.
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