AI Companies and Going Public
Artificial intelligence companies have attracted strong interest from investors. But advanced technology alone does not guarantee that a company will succeed in the stock market. Investors also want to know whether a company can build a profitable business, manage its costs, and compete over time. Recent CNBC reports about Anthropic and OpenAI show how these questions shape expectations for AI companies planning an initial public offering.
An initial public offering, or IPO, is when a company sells shares to the public for the first time. An IPO can provide money for a company to grow and give early investors and employees a chance to sell some of their shares. Going public also brings greater attention to a company’s finances, leadership, and risks. This attention is especially important for AI companies because developing and running AI systems can require expensive computer equipment and skilled employees.
Anthropic’s possible IPO has raised questions about whether its expected value matches its business prospects. CNBC reported that the research firm New Constructs called it the “most ridiculous IPO of 2026.” The firm questioned whether Anthropic could earn enough in the future to justify its expected value. It also pointed to the company’s losses and competition from open-source AI models, which can be used or modified more freely than closed models. CNBC reported that Anthropic said its annualized revenue run rate had reached $65 billion by the end of July. A revenue run rate is an estimate based on recent revenue; it does not guarantee that the company will earn the same amount over a full year. The key question is whether Anthropic can eventually make enough money to cover its expenses. New Constructs has made both successful and unsuccessful predictions about companies, so its criticism is one viewpoint for investors to consider—not a certain outcome. (CNBC, “Anthropic Will Be ‘Most Ridiculous IPO’ of Year, Analyst Says”)
Anthropic and OpenAI are also competing for attention in the public markets. In a September 9 CNBC interview, investor Rick Heitzmann discussed the possibility that Anthropic could go public before OpenAI. The first company to launch an IPO might draw significant investor interest and influence how the market values other AI companies. However, being first does not prove that a company has the stronger business. Investors still need to examine revenue, expenses, competition, and the company’s plans for growth. An IPO can provide funding, but it also puts a company’s business choices under closer public scrutiny. (CNBC, “Seems Like Anthropic Will Beat OpenAI to IPO, Says FirstMark’s Rick Heitzmann”)
OpenAI’s leadership changes have raised a separate concern. CNBC reported that several senior executives left the company before its possible IPO. Investors may wonder whether these departures could affect OpenAI’s strategy, stability, or ability to retain experienced employees. Still, executive turnover does not automatically mean a company is in trouble. A company may reorganize as it grows, so investors need to understand why leaders left and how the company plans to move forward. In the AI industry, experienced employees are valuable because they help develop and improve the technology. (CNBC, “OpenAI Talent Exodus Raises ‘Huge Red Flag’ Ahead of IPO”)
These reports show why investors should look beyond excitement about AI. They can ask whether a company has customers who continue paying for its products, whether it can cover the costs of research and computing, and whether it can keep up with competitors. They should also consider the company’s leadership and be careful to distinguish reported facts from company claims and analyst opinions.
An IPO is a major test of an AI company’s business, not just its technology. Anthropic’s expected value, its competition with OpenAI, and OpenAI’s leadership changes all show that investors must weigh both opportunity and risk. AI may transform many industries, but each company still needs to show that it can manage costs, compete, and earn money over time.
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