Confidential SEC filings by OpenAI and Anthropic set up potential IPOs, opening a new front in their race to finance AI expansion.
Nearly $1 trillion private valuations underpin that move: Anthropic was most recently valued at $965 billion, while OpenAI's last funding round valued it at $852 billion.
Anthropic's case has strengthened on enterprise demand, with about 80% of revenue from APIs and developer tools and its annualized run rate jumping to $47 billion from $9 billion at 2025 year-end.
OpenAI still leads in consumer reach with 1 billion monthly ChatGPT users, but it remains heavily lossmaking—about $38.5 billion last year—and does not expect profitability until at least 2030.
On current revenue multiples, Anthropic appears cheaper at roughly 20.5 times 2026 sales versus OpenAI at 34.1 times, suggesting investors may favor Anthropic if both listings proceed.