OpenAI, Anthropic Eye 2026 IPOs Amidst AI Cost Surge

The artificial intelligence sector is bracing for a seismic shift as two of its most prominent players, OpenAI and Anthropic, are reportedly charting courses toward public market debuts in late 2026. This anticipated wave of mega-IPOs, potentially valued in the hundreds of billions, signals a critical juncture for venture capital exits and the broader tech economy.

OpenAI, currently commanding a $500 billion valuation, is reportedly seeking over $100 billion in new capital, which could propel its market worth to an astounding $830 billion. This fundraising effort is attracting significant interest from tech titans, with SoftBank considering an investment of approximately $30 billion and Amazon in negotiations for up to $50 billion. The company's aggressive expansion is underscored by its strategic hires, including Ajmere Dale as Chief Accounting Officer and Cynthia Gaylor for investor relations, signaling a clear readiness for public scrutiny. CEO Sam Altman is reportedly preparing for the transition, with Fidji Simo, former Instacart CEO, expected to shoulder some public company responsibilities.

The financial projections reveal a stark reality: immense operational expenditures are set to dominate near-term results. OpenAI anticipates AI model training costs to skyrocket from $30 billion in 2026 to $121 billion by 2028 and $125 billion in 2029. These substantial outlays are projected to consume all of the company's revenue in the immediate future. Despite this, OpenAI forecasts achieving profitability by 2030, with projected 2029 profits, excluding training costs, reaching approximately $80 billion – a figure comparable to Nvidia's recent annual earnings. Revenue growth is also expected to be robust, with projections indicating nearly $300 billion by 2030, largely driven by individual consumer adoption.

Anthropic, founded by former OpenAI researchers including CEO Dario Amodei, is also signaling readiness for a public offering, potentially in the fourth quarter of 2026. The company aims to raise more than $60 billion, targeting a valuation between $400 billion and $500 billion. This follows substantial funding rounds, including a $30 billion Series G in February 2026 and a $13 billion Series F in September 2025, which valued the company at $380 billion – a remarkable 27x its current annual revenue run rate of $14 billion. Anthropic's aggressive revenue targets include $18 billion for 2026, $55 billion in 2027, and $148 billion by 2029, supported by a tenfold year-over-year increase in annual recurring revenue for three consecutive years.

Similar to OpenAI, Anthropic faces significant AI training costs, projected to reach around $42 billion by 2029, consuming over half of its projected revenue in the interim. However, Anthropic anticipates reaching breakeven a year earlier than OpenAI, by 2029. Excluding training expenses, its projected 2029 profit of approximately $60 billion would rival Meta's recent annual performance. Anthropic continues to prioritize enterprise clients, benefiting from substantial cloud partnerships with Google and Amazon.

The combined potential of these listings, alongside SpaceX's anticipated debut, could represent a transformative influx of liquidity into the venture capital ecosystem, potentially exceeding the total value of all VC-backed IPOs since 2000. Anthropic's expansion of its finance team, including hires like Andrew Zloto and former Blackstone investor Kevin Chang, further solidifies its IPO preparations. The competitive dynamic is palpable, with OpenAI executives reportedly monitoring Anthropic's timeline closely, aware of the race to capture investor attention in the public markets.