OpenAI Inc. and Anthropic File Confidential IPO Paperwork

AI developers OpenAI Inc. and Anthropic have both filed confidential paperwork for initial public offerings. Anthropic may debut on Wall Street as early as this fall, while OpenAI Inc. continues to scale its commercial operations to compete with Anthropic and various Chinese firms.

OpenAI Inc. is on track to reach an annualized revenue run rate exceeding $40 billion, roughly doubling its performance from the end of 2025. This growth stems from increased demand for AI agents like Codex and ChatGPT Work, subscription sales, AI coding software, and an emerging advertising business. To maintain its market position, the company has reduced prices on specific models and recently appointed its second chief revenue officer in less than a year to accelerate sales.

Financial reporting shows a tight race between the two leaders. Anthropic reported a run-rate revenue of $47 billion in May, though the companies may use different measurement methodologies. OpenAI Inc. leadership noted that the company ended last year with over $20 billion in annualized revenue and saw month-over-month growth of more than 20% in July.