OpenAI and Anthropic have filed for public offerings targeting late 2026 or early 2027, with both aiming for $1 trillion（約160兆円） valuations. Because each company plans to float only 5%-10% of shares, initial trading could be highly volatile; however, investors willing to wait for the actual IPO may secure better prices once market enthusiasm fades and the focus shifts to profitability challenges.
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OpenAI and Anthropic filed confidential draft S-1 registration statements with the SEC on May 22 and June 1, respectively, and are expected to go public in late 2026 or early 2027. OpenAI aims for a $1 trillion（約160兆円） market cap (50 times its $20 billion（約3.2兆円） annualized revenue run rate), while Anthropic would go public at a $1 trillion（約160兆円） valuation (111 times its $9 billion（約1.4兆円） annualized revenue).
Why it matters
Both companies plan to float only 5%-10% of their shares, which combined with market hype could cause their stocks to skyrocket on debut—even though they are already expensive relative to revenue. Investors seeking early exposure face significant risks: secondary-market shares can be voided by the companies, and exchange-traded funds tracking these firms may trade well above their actual net asset value, leaving latecomers with losses when the hype fades.
What to watch
Accredited investors (net worth over $1,000,000 excluding primary residence, or annual income over $200,000) can currently buy shares through secondary marketplaces like Forge Global, Hiive, and EquityZen, or via special-purpose vehicles and mutual funds such as ARK Venture Fund and Fundrise Innovation Fund. However, waiting for the IPO may offer better entry prices once the market prices in steep valuations and net losses.
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