OpenAI files confidentially for IPO, a week after Anthropic

OpenAI submitted a confidential draft S-1 to the SEC, about a week after Anthropic filed its own. Both companies are now in the pre-IPO window the form is designed for, where they can prepare without disclosing financials publicly. OpenAI's statement quoted by TechCrunch is careful: "We have not decided on timing yet; it may be a while because there are things we want to do that are easier as a private company."

The numbers around the filing tell the more interesting story. OpenAI was last valued at $852 billion, with $122 billion raised in March 2026 and 900 million weekly active users. Internal projections cited in the article point to $122 billion in 2028 compute spend and an $85 billion burn rate in the same year, even as sales are expected to double. Anthropic is in a different shape: it says it is approaching its first profitable quarter and recently traded at a one trillion dollar secondary valuation, above OpenAI's $880 billion last private mark.

The reporting also flags SpaceX as a third potential IPO in the same window, raising a real concentration risk. Analysts quoted in the piece warn that whichever AI company prices first will absorb most of the AI investment capital looking for a public-market home.

Why it matters

If you work at either company, this is the timer starting on liquidity and on more aggressive scrutiny of unit economics. If you allocate capital, the gap between OpenAI's projected long burn and Anthropic's near-term profit claim is the real comparison to watch, not the headline valuation numbers.