FinanceTracking
Which will complete its IPO first before December 31, 2027 at 11:59 p.m. ET: Anthropic or OpenAI?
Current read
Anthropic's IPO timeline remains in the November window, but the possibility of a delay until after the midterm elections is cited by more sources, increasing uncertainty.
New reporting on Anthropic's IPO timeline was limited this period, largely extending the prior narrative of a delay to November. Cailian Press and several AI news roundups all mentioned that Anthropic may further postpone its IPO until after the U.S. midterm elections in November, a claim repeated across multiple sources, reinforcing the uncertainty around its listing timeline. Meanwhile, although there were financial reports on OpenAI's massive cash burn, its CEO's previous statement delaying the IPO to 2027 remained unchanged, with no material shift in its listing schedule. Overall, Anthropic's first-mover advantage window over OpenAI persists, but the timing has become more ambiguous.
Key developments
- Multiple sources indicate that Anthropic's IPO may be delayed until after the U.S. midterm elections in November.
- OpenAI is projected to have a cumulative negative free cash flow of $278 billion from 2026 to 2030, but its plan to delay its IPO to 2027 remains unchanged.
How we read it
Multiple reports repeated the claim that Anthropic may delay its IPO until after the November midterm elections, but without providing a new specific timeline, consistent with the previous judgment's tone of 'increasing uncertainty'.
Reports on OpenAI focused on its massive financial losses and reiterated its CEO's existing stance of delaying the IPO to 2027, with no new information altering its listing timeline.
No new evidence emerged of a breakthrough in the IPO process for either party, leaving their relative positions unchanged, thus the previous judgment is maintained.
Earlier updates
- — Anthropic's IPO timeline faces conflicting signals, weakening its lead.; Conflicting reports emerged this period regarding Anthropic's IPO timeline. One source indicates a target window before the November US midterm elections, while another suggests a potential delay until after the elections. Meanwhile, OpenAI's IPO remains slated for 2027, with its CEO explicitly citing AI safety concerns for the postponement. The uncertainty in Anthropic's internal timeline weakens its previously clear first-mover advantage over OpenAI.
- — Anthropic's IPO timeline faces new uncertainty, further weakening its lead.; This period saw new conflicting signals regarding Anthropic's IPO timeline. While earlier reports suggested a target listing as early as October, new reports citing sources indicate its IPO may be delayed until after the US midterm elections. This potential delay conflicts with the earlier expectation, adding uncertainty to its timeline. Meanwhile, OpenAI's IPO plan remains set for 2027, with its CEO explicitly citing AI safety concerns for the postponement. The uncertainty in Anthropic's internal timeline has weakened its previously clear first-mover advantage over OpenAI.
- — Anthropic's IPO timeline has been pushed further to November, narrowing its first-mover advantage window over OpenAI.; During this period, multiple media reports have confirmed that Anthropic's IPO timeline has been pushed from October to November. Reasons cited include waiting to release third-quarter financial results to demonstrate competitiveness and responding to market momentum following OpenAI's GPT-6 Astra launch. Some sources even mentioned a potential delay until after the U.S. midterm elections. This wave of reports reinforces the uncertainty in Anthropic's listing timeline, and its clear lead over OpenAI is diminishing. Meanwhile, OpenAI's IPO plan remains locked in for 2027, with its CEO's stance on delaying due to AI safety concerns unchanged.
- — Anthropic's IPO timeline has been pushed further to November, narrowing its first-mover advantage window over OpenAI.; Multiple media outlets have confirmed this period that Anthropic's IPO timeline has been pushed from October to November. Reports cite reasons including waiting to release Q3 financials to demonstrate competitiveness and countering market momentum from OpenAI's GPT-6 Astra launch. Some sources even mention a possible delay until after the US midterm elections. This wave of reporting reinforces the uncertainty in Anthropic's listing timeline, and its clear lead over OpenAI is narrowing. Meanwhile, OpenAI's IPO plan remains locked in for 2027, with no change in its CEO's stance on delaying a public offering due to AI safety concerns.
- — Anthropic's IPO timeline has been pushed further to November, narrowing its first-mover advantage window over OpenAI.; Multiple media outlets have confirmed this period that Anthropic's IPO timeline has been pushed from October to November. Reports indicate the delay is to allow the company to release Q3 financials to demonstrate competitiveness and to counter market momentum following OpenAI's GPT-6 Astra launch. Some sources even mentioned a potential delay until after the U.S. midterm elections. This wave of reporting reinforces the uncertainty in Anthropic's listing timeline, and its clear lead over OpenAI is narrowing. Meanwhile, OpenAI's IPO plan remains locked in for 2027, with no change to its CEO's stance that the listing is delayed due to AI safety concerns.
- — Anthropic's IPO timeline remains in the November window, but the possibility of a delay until after the midterm elections is cited by more sources, increasing uncertainty.; During this period, new reports on Anthropic's IPO timeline were limited, largely continuing the previous narrative of a delay to November. Cailian Press and several AI news roundups mentioned that Anthropic may postpone its IPO until after the U.S. midterm elections in November, a claim repeated across multiple sources, reinforcing the uncertainty of its listing timeline. Meanwhile, although there were financial reports about OpenAI's massive cash burn, there was no update on its CEO's previous statement about delaying the IPO to 2027, leaving its timeline unchanged. Overall, Anthropic's first-mover advantage window over OpenAI still exists, but the timing has become more ambiguous.
- — Anthropic's IPO timeline remains in the November window, but the possibility of a delay until after the midterm elections is cited by more sources, increasing uncertainty.; New reporting on Anthropic's IPO timeline was limited this period, largely extending the prior narrative of a delay to November. Cailian Press and several AI news roundups all mentioned that Anthropic may further postpone its IPO until after the U.S. midterm elections in November, a claim repeated across multiple sources, reinforcing the uncertainty around its listing timeline. Meanwhile, although there were financial reports on OpenAI's massive cash burn, its CEO's previous statement delaying the IPO to 2027 remained unchanged, with no material shift in its listing schedule. Overall, Anthropic's first-mover advantage window over OpenAI persists, but the timing has become more ambiguous.