OpenAI Filed for IPO at $852B as Anthropic Beats It to Market and Price Cuts Loom

Key Takeaways

• OpenAI filed confidentially for an IPO at an $852 billion valuation, just days after rival Anthropic launched its own IPO process
• The ChatGPT maker is reportedly weighing token price cuts as competition for enterprise AI customers heats up ahead of its public debut
• OpenAI’s path to profitability remains years away, putting its valuation and business model under greater scrutiny from public investors

OpenAI’s long-expected IPO plans are finally taking shape, but the company is entering public markets at a very different moment than many expected. The ChatGPT maker confirmed it filed a confidential S-1 with the US Securities and Exchange Commission (SEC) on June 8. This puts an OpenAI IPO on the table as early as this fall. Yet the filing arrives just days after rival Anthropic made a similar move. This seems to be setting up a showdown between the two biggest names in artificial intelligence.

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OpenAI Won’t Be Profitable Until 2030 and Is Now Cutting Token Prices Before Its IPO

OpenAI said it filed confidentially because it expected news of the submission to leak. The company was last valued at roughly $852 billion. It is reportedly working with Goldman Sachs, Morgan Stanley, and JPMorgan on the process.

Anthropic, on the other hand, filed for its own public debut a week earlier and was recently valued at about $965 billion. Together with SpaceX, the three companies now represent a combined IPO pipeline worth roughly $3.6 trillion. This is one of the largest clusters of technology listings since the dot-com era.

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What could attract even more attention than the OpenAI valuation is what is happening inside the business ahead of a potential listing. According to recent reports, OpenAI is considering meaningful cuts to token pricing as competition intensifies across the AI industry. The company reportedly expects rivals, including Anthropic, to pursue similar pricing strategies.

The move comes as some AI tools are seeing token consumption fall by 20% to 30%. This raises questions about how much firms are willing to spend as the market becomes more crowded.

Anthropic IPO Pressure Is Reshaping the AI Race

The pricing discussion highlights a challenge facing both companies as they move toward public markets. OpenAI has built one of the fastest-growing technology businesses in history. It reported roughly $2 billion in monthly revenue earlier this year. Yet profitability remains further away. Analysts estimate the company may not become profitable until 2030. Meanwhile, HSBC has projected it could require more than $200 billion in additional capital by the end of the decade.

Anthropic appears to be operating under a different timeline. Several analysts expect the company to reach breakeven sooner. This gives investors another benchmark as the AI IPO 2026 cycle unfolds.

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For prospective investors, the biggest question may not be the future OpenAI stock price. It is whether public markets will continue to support the valuations private investors have assigned to the AI sector. When OpenAI and Anthropic eventually publish detailed financial disclosures, the debate around growth, spending, and profitability will come into play.