What Anthropic’s IPO Filing Could Reveal and Why OpenAI Is Racing It

OpenAI is reportedly racing to raise about $30 billion before Anthropic’s expected mid-November listing. Two people familiar with the matter told Reuters the round could value the ChatGPT maker at more than $1.4 trillion.

SoftBank, Abu Dhabi-based MGX and other existing backers are in talks to join, one of the people said.

Two Price Tags Drift Within Reach of Each Other

OpenAI was last valued at $852 billion in March, after a record $122 billion round. In September, it reportedly held early talks with investors near $1.2 trillion.

The new target would sit about 64% above that March valuation. OpenAI is pitching faster growth since launching GPT-6 Astra, citing $50 billion in annualized revenue.

Anthropic’s price tag, meanwhile, has moved lower. Some investors reportedly discussed a valuation of about $1.5 trillion, down from the $2 trillion it had sought,  after third-quarter results disappointed.

On those reported figures, the two labs now sit roughly $100 billion apart.

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Why OpenAI Wants Its Number Before Anthropic’s Filing

OpenAI wants to finish before Anthropic’s disclosures let investors compare the two businesses side by side, one source said.

Revenue accounting sits at the center of that comparison. OpenAI deducts partner shares before booking revenue. It has accused Anthropic of counting the full value of contracts sold through cloud providers. Anthropic has said it follows established accounting practices.

The two labs are also increasingly pitching a similar pool of investors. OpenAI met long-only and sovereign wealth funds last week while Anthropic hosted its own investor day.

Still, Reuters reported that demand for both companies’ shares remains high.

Other companies have stepped back while both labs court those funds. Firmus, SB Energy and AirTrunk REIT have all paused or pulled their listings this year. With that pipeline thinning, Anthropic may end up as the AI trade’s last major listing of 2026.

Anthropic faces its own scrutiny, too. A weak debut could deepen losses in chip stocks, which have shed $2 trillion in just 8 sessions.

Anthropic’s filing will give investors their first detailed public look at a frontier AI lab’s finances. Whether OpenAI closes before that filing lands could shape how investors compare the two labs heading into 2027.

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