Following Anthropic, OpenAI files confidentially for IPO
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- OpenAI filed confidentially with the SEC for a proposed IPO, following its rival Anthropic and signaling a pivotal step toward going public without disclosing financial details.
- Anthropic recently filed for an IPO and has surged to a $1 trillion valuation on secondary markets, surpassing OpenAI’s $880 billion April valuation despite both firms operating at steep losses.
- OpenAI expects to burn $85 billion in 2028 on computing power despite doubling sales, with positive cash flow not anticipated until 2030, raising concerns about its spending trajectory.
- David Shapiro of OpenVC noted Anthropic’s valuation has grown 123% year-to-date versus OpenAI’s 11.3%, reflecting stronger investor momentum for Anthropic in secondary trading.
Why it matters: OpenAI’s IPO filing accelerates the race to public markets, but its $85 billion projected 2028 cash burn versus delayed profitability until 2030 makes investor confidence in its valuation a high-stakes gamble compared to Anthropic’s faster appreciation.
