What Anthropic’s IPO Filing Could Reveal and Why OpenAI Is Racing It
OpenAI is reportedly trying to raise about $30 billion before Anthropic is expected to go public in mid-November. Two people who know about the plans told Reuters that the new funding round could value the company behind ChatGPT at more than $1.4 trillion.
SoftBank, MGX, a company based in Abu Dhabi, and other investors who already support OpenAI are discussing joining the round, one of the people said.
Two Company Valuations Are Getting Closer
OpenAI was valued at $852 billion in March, after raising a record $122 billion. In September, it reportedly began early talks with investors about a valuation close to $1.2 trillion.
The new target would be about 64% higher than its March valuation. OpenAI says its business has grown faster since it launched GPT-6 Astra. It points to annualized revenue of $50 billion, which estimates a full year's revenue based on its current pace.
Anthropic's estimated value, meanwhile, has fallen. Some investors reportedly discussed valuing the company at about $1.5 trillion, down from the $2 trillion it had aimed for, after its third-quarter results disappointed.
Based on these reported figures, the two AI companies are now about $100 billion apart in value.
Why OpenAI Wants to Set Its Valuation Before Anthropic Files to Go Public
One source said OpenAI wants to finish raising money before Anthropic releases information that would let investors compare the two businesses directly.
How the companies count revenue is a key part of that comparison. OpenAI subtracts the amounts owed to partners before recording revenue. It has accused Anthropic of counting the full value of contracts sold through cloud service providers. Anthropic says it follows accepted accounting practices.
The two companies are also trying to attract many of the same investors. OpenAI met with investment funds that usually hold shares for a long time and with government-backed investment funds last week. Anthropic held its own investor day around the same time.
Reuters reported that investors still have strong demand for shares in both companies.
Other companies have stepped back while OpenAI and Anthropic seek money from these investors. Firmus, SB Energy and AirTrunk REIT have all delayed or canceled their planned stock market listings this year. With fewer companies preparing to go public, Anthropic could become the last major AI-related listing of 2026.
Anthropic also faces risks. If its shares perform poorly when trading begins, losses in chip stocks could grow. Those stocks have already lost $2 trillion in value over just eight trading sessions.
Anthropic's filing will give investors their first detailed public look at the finances of a leading AI research company. Whether OpenAI finishes its funding round before that filing becomes public could affect how investors compare the two companies as they head into 2027.
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Read the original story What Anthropic's IPO Filing Could Reveal and Why OpenAI Is Racing It by Kamina Bashir at beincrypto.com