The rumor mill has been active with speculation about OpenAI or Anthropic going public this year, but the reality is more complex. While these companies are burning through cash for massive data centers and AI chip investments, their current levels of private funding are substantial enough that public markets aren't yet a necessity. OpenAI was valued at $500 billion after an employee share sale and is reportedly in talks to raise another $100 billion, potentially reaching a $750 billion valuation. Similarly, Anthropic is nearing a $350 billion price tag with plans to raise $10 billion or more.
Going public would require an unprecedented level of transparency, which these companies currently avoid. Remaining private allows them to maintain secrecy over their operations and gives them time to untangle complex corporate structures. They also need to ensure their revenues can catch up to their enormous spending. For example, Anthropic's revenues doubled from $4 billion to $9 billion last year, and OpenAI's annualized revenues rose from $6 billion in 2024 to $20 billion in 2025. However, these figures are dwarfed by their colossal outgoings on computing capacity.
There's also a nervousness about being the first major AI lab to go public and potentially facing a "spectacular flop." Public market scrutiny would involve quarterly reporting and revealing detailed financials, which OpenAI's CFO, Sarah Friar, referred to as getting "wrapped around an IPO axle." Additionally, a public listing would expose the details of complex financial deals, potentially igniting concerns about a dot-com style bubble. Sam Altman, OpenAI's CEO, has shown confidence in finding private buyers for shares, indicating a preference for continued private funding.
