Two of the biggest names in artificial intelligence are heading toward the public markets. OpenAI and Anthropic both filed confidential S-1 forms with the US Securities and Exchange Commission in early June 2026, setting up what could be two of the largest IPOs in history.
Both companies are currently valued close to $1 trillion. But their business models, financials, and risks look very different.
OpenAI: Massive User Base, Mounting Losses
OpenAI was founded in 2015 by Sam Altman and others, including Elon Musk, who later left the company. It is best known for ChatGPT, which now has an estimated 800 million users worldwide.
OpenAI was valued at roughly $852 billion in its most recent private funding round and is reportedly seeking a public valuation of around $1 trillion.
Revenue growth has been fast. OpenAI reportedly grew from $3.7 billion in revenue for all of 2024 to nearly $2 billion per month by late 2025.
But losses have grown just as fast. OpenAI's operating loss reportedly ballooned from $8.7 billion in 2024 to $20.9 billion in 2025. The company is not expected to break even until 2029.
Only around 5% of ChatGPT's users currently pay for the service, according to the Financial Times. OpenAI has explored advertising but risks credibility issues if it blends paid promotions with factual results.
Anthropic: Enterprise Focus and a Path to Profit
Anthropic was founded in 2021 by former OpenAI employees, led by CEO Dario Amodei and his sister Daniela. Its Claude models are used by businesses for tasks including data analysis, code writing, and workflow automation.
Anthropic's most recent valuation stands at $965 billion. It is also targeting an IPO valuation of at least $1 trillion.
The company crossed $47 billion in annualized revenue run rate in May 2026. It is reportedly on track to post an operating profit of $559 million in the second quarter of 2026, which would make it far closer to profitability than OpenAI.
At current valuations, OpenAI trades at roughly 35.5 times its annual revenue run rate. Anthropic trades at around 20.5 times. Both are well above the S&P 500's price-to-sales ratio of about 3.7 times.
Anthropic's enterprise customers tend to sign larger, longer-term contracts. That makes revenue more predictable than OpenAI's consumer subscription model.
"Anthropic gets steady and more predictable revenue," said Eugenia Mykuliak, founder of B2PRIME Group. "It takes a lot of work and money for an enterprise to pivot and start using another company's solution."
OpenAI does have advantages. Its partnership with Microsoft gives it direct access to Office 365 and Azure customers. ChatGPT also carries stronger brand recognition among general consumers than Claude.
Leo Chen, assistant professor of finance at the University of South Florida, said Anthropic appears to have stronger long-term financial footing. "OpenAI's consumer business will experience more margin volatility caused by economic weakness, whereas Anthropic's enterprise deals have better unit economics to support higher margin revenue," he said.
Both IPOs are expected to draw heavy investor interest when they arrive.
