Key Takeaways
Anthropic Overtakes OpenAI — $965B Valuation, The AI Throne Changes Hands
- Anthropic is scheduling investor meetings for a potential October 2026 IPO, ahead of OpenAI and DeepSeek
- The company's $965 billion valuation now surpasses OpenAI following its May funding round
- Morgan Stanley, Goldman Sachs, and JPMorgan Chase are leading the planned offering
Anthropic is preparing to go public as soon as October 2026, with banks scheduling investor meetings in the coming weeks. The Claude maker would beat both OpenAI and Chinese startup DeepSeek to public markets, capitalizing on the strongest year for IPOs since 2021.
Bloomberg News reported Wednesday that Morgan Stanley, Goldman Sachs, and JPMorgan Chase are leading the planned offering. Anthropic and OpenAI have both filed confidentially for IPOs, but Anthropic appears set to list first after OpenAI pushed its target debut to 2027, citing concerns about volatility in technology stocks.
Why Anthropic's valuation now tops OpenAI
Anthropic's May funding round valued the company at $965 billion, making it one of the world's most valuable private companies. For the first time, that figure surpasses OpenAI's reported valuation. The gap reflects growing enterprise demand for Claude, particularly coding tools that have gained traction among software developers.
The company was founded in 2021 by former OpenAI executives Dario and Daniela Amodei, who left over concerns about AI safety and governance. That safety-focused positioning has attracted major backers. Amazon committed up to $8 billion, while Google invested $750 million. Anthropic's annualized revenue reportedly hit $850 million by late 2024, and the enterprise momentum has only accelerated.
AI companies drive IPO market revival
The listing would arrive as AI companies fuel a broader recovery in equity capital markets. Companies have raised $227.5 billion through IPOs globally this year, excluding SPACs and similar vehicles. That makes 2026 the strongest year for listings since 2021.
SpaceX and SK Hynix both cited AI opportunities in their recent public offerings. DeepSeek is preparing its own IPO after growing annualized revenue to between $400 million and $500 million. The Chinese startup's filing underscores how frontier AI companies are turning to public markets to finance the enormous computing costs required to train and deploy advanced models.
OpenAI's caution creates an opening
OpenAI's decision to delay its IPO until 2027 hands Anthropic a timing advantage. OpenAI's advisers reportedly fear that tech stock volatility could weaken investor demand for new listings. By contrast, Anthropic's aggressive timeline suggests confidence that the current market window will hold.
The divergent strategies reflect different risk tolerances. OpenAI, despite its consumer brand recognition through ChatGPT, is playing defense. Anthropic, with its enterprise focus and safety narrative, is betting that institutional investors will pay a premium for a company positioned as the responsible alternative in the AI race.
What the IPO means for enterprise AI buyers
For finance teams evaluating AI vendors, Anthropic's public listing would add transparency. Public companies must disclose revenue, costs, and risk factors. Buyers will finally see the unit economics behind Claude's API pricing and whether Anthropic can sustain its infrastructure spending without constant private funding rounds.
A successful IPO would also validate the broader enterprise AI market. If Anthropic commands a premium multiple, it signals that institutional investors believe AI tools are becoming infrastructure, not hype. That could accelerate budget approvals for AI projects across the Fortune 500.
Logicity's Take
Anthropic's October timeline is aggressive but defensible. The company has enterprise momentum, a clean safety narrative, and a valuation that already exceeds OpenAI's. The real question is whether public market investors will pay $965 billion for a company burning cash on GPU clusters. If they do, it sets a benchmark for every AI company behind it in line. If they don't, OpenAI's caution will look prescient.
Frequently Asked Questions
When is Anthropic expected to go public?
Anthropic is targeting an IPO as soon as October 2026, with investor meetings scheduled for the coming weeks.
What is Anthropic's current valuation?
Anthropic was valued at $965 billion following its May 2026 funding round, surpassing OpenAI's reported valuation.
Which banks are leading the Anthropic IPO?
Morgan Stanley, Goldman Sachs, and JPMorgan Chase are leading the planned offering.
Why did OpenAI delay its IPO?
OpenAI pushed its target debut to 2027 because advisers fear volatility in technology stocks could weaken investor demand.
How much has the global IPO market raised in 2026?
Companies have raised $227.5 billion through IPOs globally in 2026, making it the strongest year for listings since 2021.
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Source: PYMNTS | / PYMNTS
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
