OpenAI files for U.S. IPO, following Anthropic to public markets
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- OpenAI confidentially filed for a U.S. IPO on Monday, with Reuters reporting a target valuation of up to $1 trillion and a possible September debut, though the company said a timeline has not been determined and it "may be a while."
- Anthropic filed for its own U.S. IPO on June 1, weeks after raising $65 billion at a $965 billion valuation, making it the first of the two AI rivals to formally submit paperwork.
- SpaceX filed for an IPO targeting a $75 billion offering at a $1.75 trillion valuation — potentially the largest in history — and is set to go public this week.
- OpenAI earlier raised $110 billion at an $840 billion valuation from SoftBank, Amazon, and Nvidia, and disclosed $2 billion in monthly revenue growing roughly four times faster than Alphabet and Meta.
- A May jury verdict against Elon Musk in his lawsuit accusing OpenAI of abandoning its nonprofit mission removed what analysts called a "key overhang" on the IPO.
- Bankers warned the trio of mega-deals could "soak up capital" that might otherwise flow to smaller IPOs, per D.A. Davidson's Gil Luria.
Why it matters: Three trillion-dollar-valuation tech companies — OpenAI ($1T target), SpaceX ($1.75T), and Anthropic ($965B) — are queueing for U.S. public debuts in rapid succession. Bankers warn the concentration of investor capital into these mega-offerings could starve smaller IPOs of funding, reshaping the public market landscape for years.
