Overview
- OpenAI confirmed on June 8 that it submitted a confidential S‑1 to the U.S. Securities and Exchange Commission and Anthropic filed a similar confidential S‑1 days earlier, starting formal review but not committing either company to a listing.
- Both firms carry very large private valuations, with reporting that OpenAI is about $852 billion and Anthropic about $965 billion, figures set in recent private funding rounds.
- The companies told investors they expect massive infrastructure spending and continued cash burn, with media reports saying OpenAI may spend more than $100 billion through 2029 and that sector capex could total trillions across major tech players.
- OpenAI is reported to be working with Goldman Sachs and Morgan Stanley on the potential IPO, which would force public disclosure of detailed revenue, spending and cloud and chip contracts that are now private.
- Market watchers warn higher interest rates and heavy capital needs could curb investor appetite, shift money away from other tech stocks, and shape the timing, size and pricing if either company moves forward with a public offering.