OpenAI vs. Anthropic: Which AI IPO could be the best stock to buy?

TLDR

• OpenAI has secretly filed for an IPO in the US, targeting a valuation of up to $1 trillion
• OpenAI generated $5.7 billion in revenue in the first quarter of 2026 but burned $3.7 billion in the same period
• Anthropic filed for an IPO on June 1, shortly after raising $65 billion at a valuation of $965 billion.
• Anthropic’s annual revenue exceeds $30 billion, surpassing OpenAI’s then-disclosed figure of $24 billion
• Analysts note that Anthropic may offer a cleaner entry point to go public based on enterprise strength and revenue multiples

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OpenAI and Anthropic have secretly filed for IPOs in the US, creating one of the most-watched public market events in recent memory. The two companies are often mentioned together, but they tell different stories for investors.

OpenAI It is the most famous name. It owns ChatGPT and has built the strongest consumer AI brand in the world. The company could target a valuation of up to $1 trillion, with a potential listing as early as September 2026, Reuters reported.

The company’s revenues are already significant. OpenAI brought in $5.7 billion in the first quarter of 2026 alone. But it also spent $3.7 billion in the same quarter, showing that growth still comes at a high cost.

This spending gap is one of the key things that investors will need to weigh. The brand is strong, but the cost structure is aggressive.

Consumer power in OpenAI

ChatGPT remains the most widely used AI product in the world. This access gives OpenAI an advantage in consumer mind-sharing that Anthropic does not have on the same scale.

OpenAI It also has broad product ambitions beyond chatbot. It’s moving toward enterprise, developer tools, and platform services. This makes it a broad bet on AI adoption in many sectors.

The risk is the price. At a trillion-dollar valuation, investors will pay a huge premium for future growth. This works if OpenAI stays at the top of the market. It becomes more difficult if the competition is close.

Focus on the Anthropic Foundation

Anthropics took a more focused approach. Claude’s models have gained ground in enterprise software, programming tools, and business workflows.

Reuters reported this Anthropic Annual revenue exceeded $30 billion, ahead of OpenAI’s then-disclosed figure of $24 billion. The comparison has caveats, as both companies calculate revenue differently, but the trend points in a clear direction.

Anthropic raised $65 billion at a valuation of roughly $965 billion before filing. This puts it close to OpenAI in terms of private market capitalization.

Breakingviews that Anthropic’s valuation indicates a revenue multiple of about 30x. Depending on how OpenAI’s run-rate revenue is calculated, that could make Anthropic the less stretched of the two in its IPO.

Enterprise software companies tend to attract more stable valuations than consumer growth stories. This works to Anthropic’s advantage if its revenue mix continues.

Investors focused on IPO pricing may find Anthropic to be the most obvious case. Its foundation momentum is strong and its valuation may leave a little more room compared to OpenAI’s potential pricing.

OpenAI remains the larger platform story with broader consumer reach. Anthropic seems to be the most consistent bet if you focus on value upon entry.

Both IPOs are expected to attract significant investor interest when they arrive.