OpenAI files secret IPO seeking $1 trillion valuation as Anthropic nears $1 trillion

OpenAI submitted a confidential IPO filing to the U.S. Securities and Exchange Commission, aiming for a valuation above $1 trillion. The move follows reports that the company, best known for ChatGPT, is preparing to go public once market conditions improve. Analysts note that the high target valuation tests investor appetite after the recent $2 trillion SpaceX IPO and a series of large AI‑related offerings.

Anthropic, another AI startup, is estimated to be worth roughly $965 billion based on its latest funding round, putting it close to the $1 trillion benchmark. The firm’s valuation underpins speculation about its own IPO timeline, with some analysts expecting a filing as early as October. Both companies are preparing to list after securing major cloud and chip partnerships and generating substantial subscription revenues, but investors remain wary of execution risk and whether current earnings can justify such lofty market caps.