Good evening,

Anthropic is prepping to go public as early as 2026, hiring the same law firm that took Google and LinkedIn public.

OpenAI is doing the same thing, eyeing a potential $1 trillion valuation that would make it one of the biggest IPOs in history.

This isn't just two AI companies filing paperwork. This is a race to prove whether sky-high private valuations hold up when public markets get a vote.

And whoever goes first will set the benchmark for every AI company after them.

Hey there, Alberto here.

The AI IPO race is officially on.

Anthropic wants to beat OpenAI to market. OpenAI wants to list at $1 trillion. Investors are pushing both companies to move fast because they know the first one through the door will determine whether these valuations are real or inflated.

Today I'm breaking down what's happening, why it matters, and what this means if you're watching AI investments.

Let's go.

Anthropic just hired Wilson Sonsini, the law firm that took Google and LinkedIn public. That's not a casual move—you don't hire Silicon Valley's top IPO lawyers unless you're serious.

They're also checking boxes investors want to see before going public:

They hired a CFO with IPO experience. Krishna Rao joined after helping Airbnb go public in 2020. You bring in that resume when you're building toward a listing.

They're working through an internal IPO checklist. Changes to governance, reporting, compliance—all the unsexy stuff required to operate as a public company.

They're chasing private capital at a $300B+ valuation. Microsoft and Nvidia are reportedly in for up to $15 billion combined. That money gives them runway to hit growth targets before going public.

The timeline: as early as 2026. That's aggressive.

OpenAI is also in early-stage prep for an IPO. Their potential valuation? Up to $1 trillion.

If they pull that off, it would be one of the largest IPOs in history—bigger than Facebook, bigger than Alibaba, bigger than almost anything tech has seen.

But here's the thing: both companies know that whoever goes first sets the narrative.

If Anthropic lists at $300B and the stock pops 50% on day one, OpenAI's $1T valuation suddenly looks reasonable. Public markets just validated AI's ceiling is higher than anyone thought.

If Anthropic lists and the stock tanks 30%? OpenAI's bankers have a much harder pitch. Suddenly that $1T number looks like fantasy.

This isn't about which company has better technology. It's about which company validates their investors' valuations first.

Anthropic's backers include Google, Salesforce, and Spark Capital. OpenAI's backers include Microsoft, Thrive Capital, and a16z.

These investors have billions locked up in private valuations that haven't been tested by public markets yet. An IPO is the moment of truth.

If the first AI company to go public gets crushed, every other AI startup's valuation comes under scrutiny. LPs start asking VCs: "Why are we marking our AI investments at 50x revenue when the public markets are pricing them at 10x?"

If it succeeds, it justifies the entire private market AI boom and unlocks exits for everyone else.

The stakes are massive.

Here's the uncomfortable reality both companies are facing: people are starting to ask if AI valuations are a bubble.

Revenue growth is real. AI adoption is real. But are these companies worth $300 billion and $1 trillion? Or are private investors marking up valuations in a game of musical chairs, hoping to exit before the music stops?

The IPO will answer that question.

Public market investors are ruthless. They don't care about hype, narrative, or which VC is on your cap table. They care about revenue growth, margins, path to profitability, and whether the valuation makes mathematical sense.

If Anthropic or OpenAI lists and the market says "yes, this is worth it," the AI boom continues. If the market says "no, this is overpriced," the entire sector reprices downward.

If you're investing in AI startups right now, pay attention to how these IPOs go.

If the first IPO succeeds: AI valuations hold or go higher. Startups raising at 50x revenue multiples get validated. Your early-stage AI investments look smart.

If the first IPO struggles: AI valuations compress. Late-stage companies that raised at peak prices face down rounds. Early-stage investors who avoided overpaying look brilliant.

The lesson: don't invest in AI just because it's hot. Invest in companies with real revenue, real growth, and valuations that make sense even if the hype cools off.

At Founderscrowd, we don't chase trends. We look at fundamentals.

Is the company growing? Is the valuation reasonable compared to revenue and market size? Is the team executing? Can this business survive if the hype cycle turns?

We bring you pre-vetted opportunities where the numbers actually work—not just companies riding a narrative.

Whether Anthropic and OpenAI crush their IPOs or stumble, the deals we've vetted are built to withstand whatever the market does next.

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