OpenAI, SpaceX and Anthropic test investor appetite – Firstpost

The artificial intelligence revolution is preparing for its biggest encounter with Wall Street. After years of private funding rounds, soaring valuations and massive investor enthusiasm, some of the world’s most closely watched technology companies — OpenAI, Anthropic and SpaceX — are moving closer to public markets in what could become one of the largest IPO waves in history.

The race signals a major shift for artificial intelligence: from a technology battle over better models and smarter systems to a financial test over whether investors believe these companies can justify trillion-dollar valuations.

According to a Deutsche Bank Research Institute report, OpenAI is preparing for a potential record-breaking public offering that could raise nearly $60 billion and value the ChatGPT maker at more than $1 trillion. However, the Sam Altman-led company now faces rising pressure from rival Anthropic, which has taken a major step toward an IPO of its own.

Anthropic, the company behind the Claude AI chatbot and AI coding tools, has confidentially filed a draft registration statement with US regulators for a proposed initial public offering. The move places Anthropic ahead of OpenAI in the race to become one of the first major foundation-model companies to enter public markets.

The company’s rapid rise has stunned investors. Anthropic’s valuation has surged sharply as demand grows for advanced AI models capable of transforming industries from software development to financial services. Its latest funding round attracted major Silicon Valley and Wall Street investors, highlighting how artificial intelligence has become one of the biggest investment themes globally.

The IPO race is not limited to AI chatbot companies. Elon Musk-led SpaceX is also preparing for what could become a historic stock market debut. Reports suggest SpaceX is targeting an offering of around $75 billion at a valuation approaching $1.75 trillion, potentially making it one of the largest IPOs ever.

Together, OpenAI, Anthropic and SpaceX represent a new generation of mega-growth companies that could reshape global equity markets. Some analysts have described them as the next major force after the “Magnificent Seven” technology giants that dominated the previous stock market cycle.

However, the arrival of these companies on public exchanges will also bring tougher scrutiny.

Unlike private investors who have focused heavily on future growth potential, public market investors will demand clearer answers on revenue, profitability and long-term business models. AI companies require enormous investment in computing infrastructure, specialised chips, data centres and engineering talent — raising questions over how quickly they can convert technological dominance into sustainable profits.

Deutsche Bank noted that uncertainty remains over how markets will value companies such as OpenAI once they reveal detailed financial statements and explain the economics behind their businesses.

Still, enthusiasm around AI remains strong. Investors currently have limited opportunities to directly invest in companies building the most advanced AI models. Most public market exposure to the AI boom has come through semiconductor makers, cloud companies and infrastructure providers rather than AI model developers themselves.

Supporters believe listings by OpenAI and Anthropic could open a new chapter for technology investing, giving shareholders direct access to the companies building the foundation of the AI economy.

Analysts also argue that whoever reaches the market first may gain an advantage by shaping how investors evaluate the entire sector. The first successful AI IPO could become the benchmark for pricing future artificial intelligence companies.

For now, the battle between OpenAI and Anthropic is no longer just about building the smartest chatbot. Alongside SpaceX, they are testing a much bigger question: how much is Wall Street willing to pay for the future of artificial intelligence?