Anthropic's imminent IPO could give IT an edge over OpenAI in capital markets

Anthropic and OpenAI are set to be the first pure-play AI firms to go public, with Anthropic potentially listing its stock (ticker: ANT) on November 19. Analysts anticipate OpenAI, which filed its IPO paperwork confidentially in June, may delay its offering until early 2027. Both companies face intense capital demands in an expensive industry, competing for investment amid high interest rates and valuation scrutiny. Harrison Rolfes, an analyst at PitchBook, suggests the timing is critical, noting that Anthropic's immediate need for capital is more pressing because its compute bills are due in December. Rolfes stated that Anthropic can leverage its current valuation to build IPO momentum. Meanwhile, OpenAI appears to have secured more runway, having raised $122 billion in private markets this year, and is reportedly seeking further funding above a $1.4 trillion valuation before Anthropic's listing. Furthermore, OpenAI boasts diverse revenue streams, including consumer subscriptions and advertising, with its third-quarter revenue reportedly exceeding $10 billion, marking over a 50% growth.