OpenAI And Anthropic Are Preparing For IPOs -- Here's How They Stack Up

OpenAI And Anthropic Are Preparing For IPOs -- Here's How They Stack Up compares how the two AI companies are approaching public listings. Both filed IPO prospectuses in June and are targeting IPOs in the fall, with private-market valuations said to be close. The article reports Anthropic is valued at $965 billion, $113 billion more than OpenAI, and estimates Anthropic’s annual recurring revenue for 2026 at $47 billion—about double OpenAI’s. It also notes different hyperscaler backers. OpenAI is positioned toward mass consumers through ChatGPT, which launched in November 2022 and has more than 900 million weekly active users, while Anthropic derives about 80% of revenue from enterprises, prioritizing AI safety, precision, and advanced coding with Claude. Regarding governance, OpenAI shifted in October 2025 to a for-profit PBC while the OpenAI Foundation retains 26% equity and control via board appointment powers; Anthropic’s Long-Term Benefit Trust influences board composition to prioritize safety and public benefit.