SpaceX, Anthropic and OpenAI are all preparing initial public offerings, competing for investor cash that could determine who ends up the winner of the artificial intelligence era. The three companies “could make 2026 the biggest year for U.S. IPOs,” said the Financial Times.
SpaceX chief Elon Musk departed OpenAI in 2018, followed by Anthropic CEO Dario Amodei in 2020. Now the AI rivals are positioning themselves to “command the deepest pool of capital,” said the Financial Times. All are hoping to “ride a wave of AI enthusiasm” among investors, but stock markets may be less enamored of the sector’s “vast cash burn” than private backers have been.
What did the commentators say? The success of the IPOs depends on whether the AI startups can “keep growing at the ridiculous rates they have achieved so far,” said Parmy Olson at Bloomberg. OpenAI will bring in $280 billion in revenues by 2030, up from about $25 billion now, according to the firm.
To achieve that goal, the company’s corporate customers “must plug its technology into a broader array” of uses, including “sales, finance, healthcare, human resources, logistics” and more, said Bloomberg. But many potential business clients are “keeping generative AI at bay” amid questions about whether it’s “reliable enough for use in high-stakes decision-making.”
OpenAI’s need for “data centers, chips and cloud capacity” requires it to spend a lot of money, said Beatrice Nolan at Fortune. Its IPO filing will help investors determine if the company can turn a profit sooner rather than later.
What next? Investors are enthusiastic about AI, but some experts warn that the “novel technology comes with new risks,” said The Wall Street Journal. The markets have “not factored in the cost of the vulnerabilities these systems could create,” said Navrina Singh, the CEO of Credo AI, to the outlet.
The IPOs could be derailed by “abundant and cheap” artificial intelligence available from Chinese labs like DeepSeek, said CNBC. There are also “Western challengers” like Nvidia, Cohere, Reflection and Mistral that are “building cheaper, smaller, more efficient alternatives” than Anthropic and OpenAI. By the time their IPOs come to fruition, the “central premise of their valuations may already be gone.”
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