OpenAI is preparing to file for an initial public offering very soon, according to an exclusive report from the Wall Street Journal. The move would mark one of the most anticipated stock market debuts in recent memory, turning the company behind ChatGPT into a publicly traded entity for the first time.
But OpenAI may not be alone at the starting line. The WSJ also reports that rival AI lab Anthropic is in a similar position, framing the situation as a full-blown IPO race between the two dominant players in generative AI. The outlet argues that which company crosses the finish line first could carry real consequences — for valuations, investor confidence, and the broader narrative around who is "winning" the AI era.
Investment analysts at The Motley Fool have already begun sizing up the field, comparing OpenAI and Anthropic alongside SpaceX as potential IPO buys — a sign that Wall Street appetite for these offerings is building well before any prospectus hits the SEC.
Why it matters: For everyday people, an OpenAI IPO would be the first chance to own a piece of the company reshaping how the world writes, codes, and searches — and the race with Anthropic means the pressure to go public, and go public fast, is intensifying on both sides.