MEGA IPOs
Anthropic, SpaceX and OpenAI
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There are three big US Initial Public Offerings (IPO) slated to take place this year: SpaceX, OpenAI and Anthropic. So far in 2026 there have been approximately $28 billion market capitalisation worth of United States-based IPOs. These three IPOs are set to eclipse the biggest of those, with Anthropic confidentially filing for it’s IPO at the beginning of June after a whopping valuation of $965 billion. It is unclear exactly how much they are expecting to raise from the market, from an article in The Banker, but analysts suspect that the IPO will see Anthropic valued in excess of a trillion dollars. It has already overtaken OpenAI as the most valuable AI firm globally. This follows Anthropic’s latest funding round of $65 billion from investors Altimeter Capital, Dragoneer Investment Group, Greenoaks Capital, Sequoia Capital, Coatue, and ICONIQ Capital. The company is working with Goldman Sachs, Morgan Stanley and JP Morgan Chase in preparation for the IPO, with the date dependent on market conditions.
Anthropic is an AI safety and research company, operating as a public benefit corporation. They are also known for having launched the family of Claude Large Language Models (LLM). Headquartered in San Francisco the company was set up in 2021 by former employees of OpenAI. OpenAI’s business model also covers research but is heavy on deployment. Anthropic’s ‘mission is to ensure that artificial general intelligence benefits all of humanity’ according to their website. The company makes money by selling their Models as a Service (MaaS) APIs (application programming interface) to businesses, developer platforms and enterprise customers. These companies pay on a per-token basis, by the amount of text processed and generated. Larger companies pay a fixed fee contract for reserved capacity and guaranteed throughput. Approximately 70-75% of their multi-million dollar revenue is made through this method. Anthropic sells cloud computing power through third party cloud marketplaces such as Amazon AWS, Bedrock and Google Cloud Vertex AI. They also sell specialist productivity tools such as Claude Code and Cowork suites.