OPENAI
Time to convince investors
OpenAI just moved one step closer to Wall Street.
The company said it has confidentially filed a draft S-1 with the US Securities and Exchange Commission, one week after Anthropic made the same move.
This does not mean either company is going public tomorrow, but it does mean both are getting the paperwork ready.
For now, the important details are still hidden.
Because the filings are confidential, investors cannot yet see the full financials, risks, executive pay, or the clearest version of each company’s business case. That is where things get interesting.
Anthropic is currently valued at around $965 billion, while OpenAI has been reported at more than $850 billion.
But public investors will be looking beyond the big numbers.
The real question is whether AI demand can keep up with the huge cost of running these models.
What to watch next:
The public filings: These will show the numbers investors actually care about, including revenue, losses, risks, and infrastructure costs.
The SpaceX reaction: A strong debut could lift the mood around AI-linked IPOs. A messy one could make everyone suddenly discover “long-term thinking”.
The compute bill: Investors will want to know whether AI’s biggest players can turn expensive infrastructure into real, lasting growth.
Valuations face gravity
That matters especially for OpenAI. The company has been preparing for a potential IPO for months, but questions remain around revenue, user growth, and compute spending.
OpenAI previously discussed a much larger infrastructure plan before later telling investors it expects to spend around $600 billion on compute by 2030.
The next big date to watch is June 12, when SpaceX is expected to go public in what could become the largest IPO ever.
Its debut could shape how investors feel about giant tech listings, especially with SpaceX now tied to xAI and Anthropic.
For OpenAI and Anthropic, the next milestones are the public S-1 filings, the SEC review, and any confirmed roadshow or listing window.
AI companies spent years asking us to believe in the future. Wall Street is now asking for the PDF.- MV