OpenAI rival Anthropic prepares for IPO, eyes stock market debut

Artificial intelligence firm Anthropic, a major competitor to OpenAI, is charting a course for the stock market. The company has submitted a confidential application for an IPO, allowing business information to remain private while the U.S. Securities and Exchange Commission reviews the filings.

This potential public offering could rank among the top three IPOs of the year. Anthropic recently concluded a significant funding round, securing $65 billion at a total valuation of $900 billion. The company's move mirrors reported ambitions from OpenAI, which is also rumored to be considering a similar-sized public debut.

Further fueling the AI IPO frenzy, Elon Musk's space exploration company SpaceX, which now incorporates his AI venture xAI, is reportedly aiming for a public listing as early as mid-June. With a target valuation of up to $1.8 trillion and a potential offering of up to $80 billion, it would be the largest IPO by a considerable margin. However, lingering doubts persist about whether the hundreds of billions invested in AI infrastructure can ultimately yield a return.