About 90 Investors Back OpenAI and Anthropic as Both AI Labs Eye IPOs
Updated
Updated · WIRED · Jun 5
About 90 Investors Back OpenAI and Anthropic as Both AI Labs Eye IPOs
3 articles · Updated · WIRED · Jun 5
Summary
Around 90 venture capital firms and money managers hold stakes in both OpenAI and Anthropic, an unusually high overlap for two AI labs competing for talent, customers and influence.
PitchBook data analyzed by WIRED shows OpenAI shares about 42% of its investors with Anthropic, while roughly one-third of Anthropic backers also own OpenAI; the true overlap may be higher because private holdings are hard to track.
Investors and academics said the cross-ownership reflects a market where few are sure AI will be winner-take-all, and where larger funds now spread bets across rival startups staying private longer and raising unprecedented sums.
That strategy could look especially attractive as both companies target stock market debuts this year, giving investors two chances to cash out in an IPO market where only about two-thirds of listings popped last year.
A smaller group still backs only one side: Khosla Ventures and Thrive Capital are tied to OpenAI, while Menlo Ventures and General Catalyst have supported only Anthropic.
Why do investors back both AI giants, yet bet on only one for specific industries like finance?
Is China’s cheaper, open-source AI strategy poised to overtake the duopoly funded by American venture capital?
Can an AI company truly prioritize safety while in a trillion-dollar IPO race against its biggest rival?
Trillion-Dollar AI IPOs: Anthropic, OpenAI, and the High-Stakes Battle for Market Dominance
Overview
The AI sector is entering a 'white-hot IPO season' in June 2026, with Anthropic making a confidential filing for its initial public offering and intensifying competition with OpenAI, which is also preparing for a public debut. This surge in IPO activity, alongside SpaceX's massive listing plans, highlights strong investor interest in high-growth technology sectors, especially artificial intelligence. Anthropic's early filing is a strategic move, as investor appetite for AI companies is under close scrutiny due to their substantial operational expenditures. The outcome of these IPOs will shape investor confidence and the future direction of the AI industry.