When will OpenAI and Anthropic go public in 2026?

Anthropic filed its confidential S-1 on June 1, 2026, targeting an October 2026 listing with Goldman Sachs, JPMorgan, and Morgan Stanley as lead underwriters. OpenAI filed on June 8, 2026, targeting a $1 trillion valuation, but CEO Sam Altman may delay to 2027 if market conditions don't support that price.

What are the valuations of OpenAI and Anthropic for their IPOs?

OpenAI's last private valuation was $852 billion (March 2026) targeting up to $1 trillion at IPO. Anthropic was valued at $965 billion in its Series H (May 2026). Both AI labs are racing to be the first frontier-model company to go public.

Are OpenAI and Anthropic profitable?

Neither is profitable as of July 2026. OpenAI generates ~$25B ARR but projects $14B in losses for 2026 due to infrastructure spending, with profitability expected 2029-2030. Anthropic does not publicly disclose financials but similarly invests heavily in training and compute.

How can retail investors buy OpenAI or Anthropic stock before the IPO?

Retail investors cannot buy pre-IPO shares directly. Some ETFs and closed-end funds hold stakes via secondary markets. After the IPO, shares will trade on a major exchange (NYSE/Nasdaq). Both companies have filed confidential S-1s, so public financial disclosures are not yet available.

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OpenAI vs Anthropic IPO 2026: Timeline, Valuation, Investment Guide

Published: July 6, 2026

OpenAI vs Anthropic IPO 2026: Timeline, Valuation, and Investment Guide

Last updated: July 6, 2026

Two of the world’s most valuable private AI companies — OpenAI and Anthropic — both filed confidential S-1 registration statements with the SEC in mid-2026, kicking off what could be the most anticipated tech IPO race since the 2010s. As of July 2026, here is everything known about their IPO timelines, valuations, financials, and how investors can participate.

OpenAI IPO Timeline and Status

OpenAI confidentially filed its S-1 with the SEC on June 8, 2026, per SEC guidelines for emerging growth companies. The company’s last private valuation was $852 billion following a $122 billion funding round in March 2026, but CEO Sam Altman is reportedly targeting a $1 trillion IPO valuation.

The IPO timeline remains fluid. Sources suggest OpenAI could list in late 2026, but Altman may delay to 2027 if the $1 trillion valuation target isn’t supported by market conditions. The company has not disclosed its ticker symbol, exchange, share price range, or offering date.

OpenAI Key Financials (as of July 2026):

Annualized Revenue Run Rate: $25 billion (as of February 2026)
Q1 2026 Revenue: Approximately $5.7 billion
Q1 2026 Expenses: Approximately $3.7 billion
Projected 2026 Loss: ~$14 billion (driven by compute infrastructure)
Profitability Target: 2029–2030 (internal projections)
2025 Revenue: ~$13 billion annualized by year-end

Anthropic IPO Timeline and Status

Anthropic filed its confidential draft S-1 on June 1, 2026, beating OpenAI by a week and becoming the first frontier AI lab to start the public-market process. The company is targeting an October 2026 listing, with Goldman Sachs, JPMorgan, and Morgan Stanley as lead underwriters.

Anthropic’s last private valuation reached $965 billion following its $14 billion Series H round (May 2026), with mutual funds like Fidelity and T. Rowe Price anchoring the round. The company has not disclosed a ticker symbol, exchange, or share price range.

Anthropic Key Financials (as of July 2026):

Private valuation: $965 billion (Series H, May 2026)
Filed S-1: June 1, 2026
Target listing: October 2026 (or late 2026 window)
Underwriters: Goldman Sachs, JPMorgan, Morgan Stanley
IPO valuation target: Reports suggest above $1 trillion

Head-to-Head Comparison

Metric	OpenAI	Anthropic
S-1 Filing Date	June 8, 2026	June 1, 2026
Last Private Valuation	$852B (March 2026)	$965B (May 2026)
IPO Valuation Target	~$1T (may delay if unmet)	>$1T (reported)
Target Listing	Late 2026 or delay to 2027	October 2026
Revenue	$25B ARR (Feb 2026)	Not disclosed
Profitability	Losses ~$14B projected 2026	Not disclosed
Lead Underwriters	Not disclosed	Goldman, JPMorgan, Morgan Stanley
Key Product	ChatGPT, GPT-5.x, Codex	Claude, Claude Code

Key Risks and Considerations

For OpenAI:

Massive cash burn ($14B projected loss) makes unit economics a central investor concern
GPT-5.6 Sol/Terra/Luna limited to ~20 government-vetted partners as of July 2026, limiting immediate monetization
Non-profit origins and complex corporate structure raise governance questions
Altman’s potential delay to 2027 signals valuation sensitivity

For Anthropic:

Fable 5 export control incident (June 12–July 1, 2026) showed regulatory vulnerability
No disclosed revenue numbers make valuation harder to justify
More expensive valuation ($965B) relative to OpenAI’s $25B ARR
Smaller user base than OpenAI’s ChatGPT

How to Invest

Pre-IPO: Retail investors cannot buy shares directly through standard brokerages. Some ETFs and closed-end funds hold pre-IPO stakes acquired through secondary markets or private placements.

At IPO: Shares will trade on a major U.S. exchange (NYSE or Nasdaq). Investors can buy through any standard brokerage account (Vanguard, Fidelity, Schwab, Robinhood, etc.).

Post-IPO Expectations: Both companies are expected to be highly volatile in early trading. Analysts suggest that AI IPOs in 2026 will draw comparison to the 2019 Uber/Lyft debuts or the 2004 Google IPO — high demand but uncertain near-term profitability.

Which IPO Will Happen First?

As of July 2026, Anthropic appears more likely to list first (October 2026), while OpenAI may wait until 2027 to achieve its $1 trillion valuation target. However, either timeline could shift based on market conditions, regulatory reviews, and competitive dynamics.