Startup News: AI companies are in a race to go public
Late last month, The Wall Street Journal reported that OpenAI is laying the groundwork for a potential IPO in the fourth quarter of 2026, driven in part by internal concerns that rival Anthropic could reach the public markets first.1 If accurate, the dynamic is less about scale alone and more about timing, marking a race to persuade public-market investors that each company’s technology, go-to-market strategy and cost structure can withstand the rigor of quarterly reporting.
Regardless of which company ultimately lists first, the period leading up to a potential public debut may represent a compelling window for investors to evaluate opportunities for near-term exposure ahead of an IPO.
The central question investors are asking today is whether these companies are truly ready. Below, we examine where both OpenAI and Anthropic currently stand across company stage, consumer adoption and IPO preparedness.
OpenAI, a generative AI company
OpenAI, a Forge Private Magnificent 7 company, reaches more than 800 million consumers and businesses globally, driven primarily by its flagship products ChatGPT and DALL-E.2 Signs of the company’s public-market ambitions emerged late last year, when Reuters reported that the generative AI leader was evaluating a potential IPO in the second half of 2026 at a valuation that could reach a record-setting $1 trillion.3
Despite its dominant consumer footprint, OpenAI has historically trailed rival Anthropic in large language model adoption among enterprise customers. OpenAI currently holds approximately 25% of enterprise LLM market share, compared with Anthropic’s estimated 32%.4 In early February, OpenAI moved to address this gap with the launch of its Frontier platform — an enterprise-grade solution designed to unify disparate organizational systems through a single LLM interface.5
Even as it works to strengthen its enterprise position, OpenAI continues to outpace Anthropic in valuation. Following an employee tender offer completed last year, the company reached a $500 billion valuation, cementing its status as one of the most valuable private companies globally.6
Founded in 2015, OpenAI’s Forge Price™ is $723.12 as of February 5, 2026, implying a valuation of $500 billion. The San Francisco-based private company’s notable investors include Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global.
Anthropic, an enterprise AI solutions company
San Francisco–based Anthropic has rapidly expanded its generative AI offerings since its founding in 2021, building a reputation around AI safety and its Claude suite of enterprise-focused solutions. Recent reports indicate that the company has retained legal counsel and begun preliminary discussions with investment banks, signaling early preparations for a potential public listing as soon as later this year.7 Anthropic is also a Forge Private Magnificent 7 company.
As competition in the enterprise AI market intensifies, Anthropic appears increasingly focused on defending its lead against OpenAI. Around the same time OpenAI introduced its Frontier platform, Anthropic unveiled Claude Cowork, a tool designed to autonomously read, organize and manage files and documents on behalf of users. If widely adopted, the platform could reduce organizations’ reliance on multiple-point solutions and reinforce Anthropic’s position among business customers.8
Anthropic’s valuation trajectory has also accelerated meaningfully. The company is reportedly pursuing an employee tender offer at a valuation of approximately $350 billion — nearly double its $183 billion Series F valuation from September — and is narrowing the gap with OpenAI.9
Anthropic’s Forge Price™ is $259.14 as of February 5, 2026, implying a valuation of $373.83 billion. The AI company’s investors include Coatue Management, Sequoia Capital, BlackRock and Bessemer Venture Partners.
The race is on
As OpenAI and Anthropic move closer to potential public listings, the competitive dynamic increasingly centers on timing rather than scale alone. With each company racing to demonstrate durable technology, credible enterprise adoption and a cost structure that can withstand the scrutiny of public markets, the path to an IPO has become as much a strategic signal as a liquidity event. For investors, the period ahead may offer a meaningful window to evaluate exposure before the public-market verdict arrives — at a moment when execution, readiness and who moves first could shape long-term leadership in the generative AI landscape.
