IPO Race Among AI Giants: Who Will Win, OpenAI or Anthropic?

Anthropic Moves Ahead of OpenAI in IPO Process

IPO Market Is Booming, But Investment Capital Has Its Limits

First Mover Advantage Even If Share Price Falls

A Crucial Test for AI Industry Profitability

Anthropic has begun its initial public offering (IPO) process ahead of OpenAI. While OpenAI pioneered a new era in the AI market with its generative artificial intelligence (AI) service, ChatGPT, Anthropic has taken the lead in the IPO race.

According to the Wall Street Journal (WSJ) on June 1 (local time), Anthropic has confidentially submitted a draft registration statement for its IPO to the U.S. Securities and Exchange Commission (SEC). Although both companies were expected to begin their IPO procedures in the second half of this year or later, Anthropic has moved first. The Associated Press (AP) commented that Anthropic "beat OpenAI to the punch."

This strategic move aims to secure more funding under more favorable terms than its competitor. When companies in the same sector go public in quick succession, it can become more difficult for those who follow to raise capital. The WSJ, citing academic research, reported that IPOs within the same industry often occur around the same time, and companies that go public later tend to underperform their predecessors.

The 2019 IPOs of ride-sharing companies Lyft and Uber serve as a representative example. After Lyft’s lackluster stock performance following its IPO, Uber also faced a tepid response despite going public at a reduced valuation. The WSJ observed, "On Wall Street, the first to enter the market can define a new industry, and this could offer a prime opportunity to secure substantial investment from those eager to invest in AI companies."

Anthropic has gained popularity with the launch of "Claude Code," a tool with powerful coding capabilities. The company has rapidly expanded its presence in the enterprise market by releasing the high-performance "Claude Opus 4.5" and "Claude Cowork," which targets general office workers. In May, Anthropic succeeded in raising $6.5 billion in new investments from major private equity funds, including Sequoia Capital. The company’s valuation reached $96.5 billion.

Anthropic’s annualized monthly revenue run-rate has surged from $9 billion at the end of last year to $47 billion currently. As of March, this surpassed OpenAI’s valuation of $85.2 billion. According to the UK’s Guardian, "Anthropic has overtaken OpenAI to become the world’s most valuable AI startup." Detailed information on Anthropic’s revenue and other metrics is expected to be disclosed through its IPO prospectus.

However, the WSJ noted that Anthropic’s earlier IPO does not mean it has won the AI competition. Anthropic has previously faced difficulties, including a halt in service due to a shortage of computing resources. Some clients are also concerned about the costs associated with using AI tools. Additionally, the company is involved in complex disputes with the U.S. Trump administration.

Meanwhile, OpenAI is seeking to differentiate itself by expanding into areas such as the video generation model "Sora" and robotics. On June 1, OpenAI CEO Sam Altman appeared on CNBC and stated that he does not see the IPO as a competition. He added, "We will proceed with an IPO when the time is right."

This content was produced with the assistance of AI translation services.