Two of the most valuable private companies on Earth are now jostling for position in what might become the most consequential IPO race in tech history. Anthropic confidentially filed for a US IPO around June 1, 2026, and OpenAI followed a week later on June 8, each carrying valuations that would have seemed like science fiction just three years ago.

Here’s the thing: Bloomberg reports that the first company to actually go public in this head-to-head sprint may not end up the winner. Being early to the exchange doesn’t automatically translate to long-term market dominance.

The numbers behind the race

Anthropic’s filing comes on the heels of a $65 billion funding round completed in late May 2026, which valued the Claude-maker at $965 billion. The company tapped Morgan Stanley and Goldman Sachs as lead underwriters for its public offering.

OpenAI, for its part, is targeting a valuation of up to $1 trillion. Its last reported private valuation sat at $852 billion. Both firms are eyeing fall 2026 for their potential public debuts.

Why going first might not matter

The 2026 IPO wave includes other massive private companies like SpaceX, creating what amounts to a traffic jam of high-valuation firms all trying to access public capital markets simultaneously. Both Anthropic and OpenAI will also need to navigate SEC review processes, and the duration of those reviews could scramble whatever carefully choreographed launch sequence either company has planned.

The AI sector’s defining moment

OpenAI famously transitioned from a nonprofit structure to a for-profit entity, weathering internal governance crises along the way. Anthropic was founded by former OpenAI researchers who departed partly over safety concerns, positioning itself as the more cautious counterpart. Now both are pursuing the same public market validation.

The $965 billion valuation for Anthropic currently exceeds OpenAI’s last reported figure of $852 billion. Just two years ago, OpenAI was considered the clear frontrunner in AI commercialization.

What this means for investors

The selection of Morgan Stanley and Goldman Sachs by Anthropic signals serious institutional firepower behind its offering. OpenAI’s underwriter lineup will be equally telling when it becomes public.

These two IPOs will establish pricing benchmarks for the entire AI sector. If both companies trade well post-listing, expect a flood of smaller AI firms to follow them to public markets.