CEO Sam Altman leads OpenAI, whose ChatGPT now has 900 million weekly active users. Rival Anthropic, maker of Claude, filed first at a $965 billion valuation.
According to CNBC, both firms are prepping Wall Street for a mega AI debut. Investor appetite for richly valued AI companies will soon be tested.
The race underscores rising momentum across the broader AI market. Many investors are hunting for a measured way to ride that trend.
OpenAI and Anthropic remain private, so their shares cannot be bought directly. Still, public investors have an entry point through the labs' large backers.
Microsoft holds roughly a 27 percent stake in OpenAI's for-profit unit. Through Microsoft (MSFT), investors gain indirect exposure to a fast-growing OpenAI.
Anthropic is backed by Amazon (AMZN) and Alphabet (GOOGL). Both giants have poured significant capital into the Claude developer.
Exposure through listed shares offers liquidity that private stakes lack. Investors can enter or exit on any trading day.
Altman, Musk, and Perplexity
The IPO filing again pits Altman against Elon Musk. An Oakland jury dismissed Musk's lawsuit against OpenAI in May 2026 on statute-of-limitations grounds.
Meanwhile, Perplexity is sticking to a 2028 IPO target. CEO Aravind Srinivas said his plan is unchanged even as two rivals move first.
Per CNBC, Perplexity's annual recurring revenue topped $450 million in March 2026. The company targets $656 million by the end of this year.
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