Story perspectives

OpenAI Files IPO; Anthropic Tops Valuation at $965 B

6/9/2026

Summary

OpenAI Files IPO

OpenAI, valued at $852 billion after a March round, filed a confidential S-1 with the U.S. Securities and Exchange Commission on Monday, starting a potential IPO.
The company has not set a timing and may stay private because some actions are easier privately.
A tender sale is planned in the coming weeks to give employees liquidity.
Anthropic filed a confidential IPO on June 1 and carries a $965 billion valuation that overtakes OpenAI.

Summary

OpenAI Negotiates IPO

OpenAI is negotiating with U.S. President Donald Trump’s administration for an equity stake before its IPO.
The 2023 board revolt that briefly ousted and reinstated CEO Sam Altman still unsettles investors.
Lawsuits—a Florida child-harm suit and a jury verdict rejecting Elon Musk’s claim—raise legal risk for the IPO.
Greg Brockman and his wife each gave $12.5 million to a pro-AI PAC and a pro-Trump super PAC, prompting scrutiny of OpenAI’s ties.

Summary

AI Market Booms

OpenAI reported March revenue of $2 billion per month, up from $1 billion per quarter.
Sensor Tower said ChatGPT reached one billion users in three years, outpacing Google Maps, TikTok and YouTube.
Anthropic’s valuation rose from $380 billion in February to $965 billion in May, surpassing OpenAI.
Northeastern professor Karthik Krishnan and Marc Meyer warned the AI IPO frenzy resembles the dot-com bubble and Sun Microsystems’ fall from $70 to $5, questioning valuation durability.

History

Historical Context

In August 1995, Marc Andreessen and Jim Clark’s Netscape Communications went public at $28 per share, raising $2.2 billion and sending the NASDAQ up roughly 100 percent, igniting the mid-1990s Internet boom. The surge spurred countless “.com” startups, led to the 2001 dot-com crash, and today’s AI-driven IPO frenzy echoes that same speculative cycle.

1 of 4

OpenAI Files IPO

OpenAI, valued at $852 billion after a March round, filed a confidential S-1 with the U.S. Securities and Exchange Commission on Monday, starting a potential IPO.
The company has not set a timing and may stay private because some actions are easier privately.
A tender sale is planned in the coming weeks to give employees liquidity.
Anthropic filed a confidential IPO on June 1 and carries a $965 billion valuation that overtakes OpenAI.

1 / 4