𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

OpenAI and Anthropic, two of the leading artificial intelligence giants, are gearing up to hit the stock market for the first time through initial public offerings (IPO).

The $2 trillion SpaceX IPO has shown that investor enthusiasm for AI companies is at fever pitch.

While the shares in the rocket tech and AI firm have fallen back since, the fact that they shot up from the $135 IPO price to top $200 illustrates this, despite falling back somewhat afterwards.

So what does that mean for OpenAI and Anthropic?

When are OpenAI and Anthropic launching their IPOs?

This is a trillion-dollar question. Both companies have already made their ‘S1 filings’ in America, which acts as the regulatory starting gun on an IPO. There is no exact timeline announced for either company though, with estimates ranging from this autumn to the beginning of 2027.

It was earlier thought that the OpenAI deal would follow very soon after SpaceX and take place in late summer or early Autumn. A change of plan has occurred though, with reports indicating executives including CEO Sam Altman decided it is still too early to get the best possible outcome from an IPO.

With the company targeting a valuation of over a trillion dollars, they are wary of getting the timing wrong by going to the market when investor appetites are still recovering from the SpaceX deal, and while the huge volatility that shares in the rocket company have seen may have scared some investors away.

It has also been reported that OpenAI revenues are not yet high enough to secure the stock market valuation its team wants, but may be so by next year.

Anthropic is still expected to push ahead with its plans to do its IPO soon, with October suggested as the likeliest timeframe.

What is the potential upside of investing?

Buying shares in either OpenAI or Anthropic – once available – is arguably one of the purest, most direct ways to profit from the AI boom in the long run.

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Get a free fractional share worth up to £100.
Capital at risk.

Terms and conditions apply.

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Owning a piece of either company would give you a stake in the future of AI. How much you believe in this future, and how profitable it will be for the companies involved, is the question you must contend with if considering an investment.

While it is all far from guaranteed, if even a small proportion of the vast potential of AI is delivered upon in the coming years, whichever companies are at the forefront are sure to make huge amounts of money, and shares in them will potentially rise significantly over time.

OpenAI’s ChatGPT and Anthropic’s Claude services have already shown impressive capabilities, and the companies are raking in billions of dollars in subscription fees from their users. That certainly shows these companies have moved far beyond theory and speculation – but it does not guarantee continued progress.

Both companies are very well established already, both in practical terms such as securing relationships with key infrastructure suppliers, and in establishing their brand as cutting-edge AI firms. It will be hard for new players to overthrow them.

What are the risks of investing in OpenAI or Anthropic?

The biggest concern over investing in OpenAI or Anthropic is execution risk, or the possibility that the business project isn’t carried out as successfully as planned.

The companies are both essentially being valued on what they will do in the future rather than what they do now and predicting whether they can deliver on their potential plans is not certain.

Both companies have already produced groundbreaking technology and are continuing to innovate at pace, but what they have done so far does not justify the kind of trillion-dollar-plus valuations they are expected to target in their IPOs.

While both firms are making significant revenues through subscriptions to their services, that is not the same as profits – because they are spending cash at phenomenal rates.

The computer components required to run cutting edge AI models cost billions of dollars to buy at scale, and also have large electricity costs attached to running them. That is before you even pay the people who are working for the companies.

There is also a large shadow cast over all American AI companies in the shape of China. The arrival of DeepSeek AI models last year was a wake-up call to American firms and investor, highlighting the risk that Chinese companies could offer similar AI services at much lower cost, or even for free.

Another significant risk relating specifically to the IPOs is the share price volatility that may occur.

SpaceX shares moved up and down dramatically in the days that followed the IPO and there is every chance OpenAI and Anthropic shares will too. Buying at the wrong time could leave you with a hefty paper loss, at least in the short term.

How to invest in OpenAI and Anthropic

The SpaceX IPO was made available to UK investors via some of the major investment platforms.

It is likely to be similar for OpenAI and Anthropic when the IPOs take place. Once you have an account with a platform that offers IPO access, it is relatively simple to follow the menu system on their website and find the specific details of how to take part.

While you cannot invest in either company directly before the IPOs it is straightforward to get exposure to many of the companies involved in AI via thematic exchange-traded funds (ETFs).

There are many ETFs that offer exposure to the AI theme broadly, or specific parts on the industry such as semiconductors or GPUs, the computer chips which the likes of GPT and Claude are run on.

Another option if you do not want to wait is to target the AI firms which already offer listed shares, such as Google (Alphabet), Meta Platforms, SpaceX and Microsoft.

When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.