What happened
OpenAI and Anthropic, the two most valuable AI start‑ups, have filed the required SEC paperwork for public listings but are now targeting later dates and higher valuations than previously reported. Anthropic’s filing on June 1 followed a $65 billion financing round that lifted its valuation to $965 billion. Bloomberg and Reuters now say the IPO will likely occur in mid‑November rather than October, with Anthropic seeking a valuation of more than $2 trillion. OpenAI filed a week later; its IPO has been postponed to 2027 and the company is reportedly looking to raise at least $30 billion at a $1.4 trillion valuation. The article also notes Anthropic’s 2025 net loss of about $42 billion (including a $34 billion accounting charge) and OpenAI’s ongoing private‑fundraising efforts.
Anthropic filed its SEC paperwork on June 1 after a $65 billion financing round that raised its valuation to $965 billion. Bloomberg now reports the IPO is likely to be in mid‑November, and Reuters says the company is targeting a valuation above $2 trillion.
OpenAI filed its paperwork a week later. The company’s IPO has been pushed back to 2027, and it is reportedly seeking to raise at least $30 billion at a valuation of roughly $1.4 trillion.
Anthropic’s prospectus, as reported by Reuters, shows a net loss of about $42 billion for 2025, with $34 billion of that loss stemming from an accounting charge related to financing instruments. Operating losses grew from $3 billion in 2024 to $8 billion in 2025.
The article also references broader investor interest, noting that the AI IPO frenzy follows high‑profile scandals (Hugging Face data breach, unauthorized access to Australian Medicare aggregate data) and warnings about AI risks, which could influence regulatory scrutiny and market sentiment.
Source details: watoday.com.au ↗
Why it matters
These filings signal that the AI sector’s most valuable private firms are moving toward public markets despite regulatory scrutiny, high‑profile scandals, and massive losses. The sheer scale of the valuations—potentially exceeding $2 trillion for Anthropic—underscores investor appetite for AI capabilities and the perceived strategic importance of generative models like Claude and ChatGPT. However, the disclosed losses and accounting charges highlight financial risk, while the delayed timelines suggest companies are balancing market readiness with governance and security concerns. For investors, the prospect of participating in these IPOs raises questions about allocation, retail access (especially in Australia), and the volatility seen in comparable tech IPOs such as SpaceX.
The potential $2 trillion valuation for Anthropic would make it one of the most valuable public companies ever, reflecting massive investor confidence in despite the companies’ large losses.
Delays in IPO timing suggest both firms are navigating heightened regulatory and public‑relations challenges, which could set precedents for how AI companies address governance and safety concerns before going public.
The disclosed financial losses highlight the high cost of scaling AI models and the reliance on continued capital inflows, raising questions about long‑term profitability and sustainability.
Retail investors, especially in markets like Australia, may face limited access to pre‑IPO allocations, mirroring the experience of SpaceX’s 2023 IPO, which required specific broker participation and was heavily oversubscribed.
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What to watch next
Watch for official prospectus releases that detail share pricing, allocation mechanisms, and any retail‑investor participation plans, particularly in Australia. Monitor regulatory responses to the scandals cited (e.g., the Hugging Face breach and Medicare data incident) that could affect listing approvals. Follow subsequent funding rounds or bridge financing that may adjust valuations before the IPOs. Finally, track market reactions once the companies list, including share price performance and dividend policies.
Release of official prospectuses that clarify share pricing, allocation rules, and whether Australian retail investors will be offered pre‑IPO shares.
Regulatory reviews related to the recent data‑security incidents and AI‑risk warnings, which could affect listing approvals or impose additional disclosure requirements.
Any bridge financing rounds or secondary offerings that could adjust the companies’ valuations before the IPO dates.
Post‑IPO market performance, including share price volatility, dividend policies, and investor sentiment toward AI‑centric public companies.