San Francisco, June 4, 2026, 05:25 PDT
- Anthropic has already filed confidentially for a U.S. IPO, turning up the heat on OpenAI, which hasn’t submitted its own paperwork yet.
- SpaceX is seeking to raise $75 billion, shooting for a $1.75 trillion valuation—yet another massive deal in an already packed market.
- Investors seem set to scrutinize not only growth, but also the expenses involved in operating AI models.
OpenAI’s run toward a stock-market debut is facing stiffer competition. Anthropic has quietly submitted paperwork for a U.S. IPO, while SpaceX is moving forward with a massive $75 billion deal. That ups the pressure on the ChatGPT developer, which is still gearing up to file, as it now contends with a busier field for investor dollars.
The timing is key, with public markets soon facing the task of valuing a handful of artificial intelligence-driven companies—some aiming for trillion-dollar marks. An IPO opens the door for a private firm to sell shares to the public, while a confidential filing allows the company to coordinate with regulators without immediately disclosing its finances.
Forbes, citing the Wall Street Journal on May 20, said OpenAI might file for an IPO soon, with September eyed for its debut. Reuters also reported that OpenAI was gearing up to file confidentially within weeks, enlisting Goldman Sachs and Morgan Stanley to help draft the paperwork, and a listing could come as early as September.
The story has moved on. Anthropic, which builds the Claude chatbot, said Monday it’s confidentially filed for a U.S. IPO, but kept terms under wraps. Reuters reported its last funding round put the company at a $965 billion post-money valuation after raising $65 billion—surpassing OpenAI’s previously reported $852 billion figure.
Anthropic’s filing gives it a shot to act while IPO conditions are still strong, IPOX vice president Kat Liu noted. PitchBook’s Harrison Rolfes called it a “narrative advantage” for Anthropic to file ahead of rivals, but he pointed out that OpenAI could benefit from watching how the market reacts to Anthropic’s numbers before it prices its own deal. Reuters
SpaceX is the other flashpoint here. Elon Musk’s rocket and satellite firm is targeting an IPO price of $135 per share, looking to offload 555.6 million shares and land a $1.75 trillion valuation, a Reuters source said. Weiheng Chen, senior partner at Wilson Sonsini Goodrich & Rosati, described Musk’s set price as a “take-it-or-leave-it” play—potentially effective, he said, given the current backdrop and the absence of any obvious comps. Reuters
It’s not just private companies jumping in. Alphabet, the parent of Google, is raising its planned equity offerings to $84.75 billion, according to Reuters on Wednesday. The tech giant—already flush with cash—looks to the markets as it steps up AI infrastructure and computing investments.
OpenAI is staring down policy risk too. Chief Executive Sam Altman landed in Washington this week, pushing back against efforts to mandate U.S. government approval for new AI models, Reuters reported, citing a company statement. Rather than pre-approval, OpenAI is lobbying Congress to broaden Commerce Department AI testing to include specialists in cybersecurity, biological weapons, and national security.
Investors eye both OpenAI’s costs and its grip on market share. Tokens—the data units powering AI models—aren’t just tracking usage and revenue. They’re also a flashpoint for spending. “You don’t want to maximize token use just for its own sake,” Cognition president Russell Kaplan told Reuters. Reuters
Speaking at an OpenAI enterprise event this week, Altman addressed the problem directly. Business Insider reported that the leading internal token user at OpenAI is now running up a tab of roughly 100 billion tokens every month, with Altman calling AI costs “a huge issue.” He added that OpenAI is actively hunting for “more value for less spend.” Business Insider
Still, OpenAI isn’t guaranteed a smooth path to an IPO. Companies can back out even after a confidential filing—no obligation to go public. Market sentiment can shift fast, slamming that window shut. If Anthropic or SpaceX drops their numbers first, they could reset expectations for everyone in AI. Just look at SpaceX: their own filing reveals a $4.94 billion net loss for 2025, according to Reuters, yet they’re pushing for one of the highest public valuations ever.
OpenAI hasn’t filed any initial IPO documents with the Securities and Exchange Commission yet, according to the Associated Press. Michael Field, chief equity analyst at Morningstar, points out that AI companies are burning through cash in pursuit of dominance, and public equity remains the lowest-cost funding option. That’s what makes the next wave of filings critical.
