OpenAI and Anthropic, the twin pillars of the generative AI boom, are both targeting IPOs that could land as early as fall 2026. OpenAI has been working with Goldman Sachs and Morgan Stanley to finalize a confidential IPO filing, targeting a public listing as early as September 2026. The company recently raised funds at a valuation of roughly $852B. Anthropic, founded by former OpenAI executives and the creator of the Claude family of AI models, is eyeing an IPO as soon as October 2026, riding a current private valuation of approximately $380B.

Combined with SpaceX, these offerings are expected to generate IPO proceeds approaching $200B — a figure that would exceed the total US IPO volume from 2022 through the first quarter of 2026.

The anticipated economic environment heading into the second half of 2026 is stagflationary, characterized by persistent inflation, slower economic growth, and a cooling labor market. Analysts have cautioned that these macroeconomic factors could create significant volatility in investor sentiment and pricing strategies for new equity entries.

OpenAI is planning to allocate shares to retail investors during its IPO, a departure from the traditional model where institutional investors receive nearly all available shares.

OpenAI and Anthropic going public within weeks of each other means they’ll be competing for the same pool of investor dollars, with capital allocation decisions inevitably creating winners and relative losers.