The $2 Trillion AI Race Is Coming to the Stock Market

Anthropic could be heading for a record IPO this year. OpenAI may follow in 2027. For traders, the time to start watching is now.

Artificial intelligence has already transformed the technology market. Now, two of its biggest names are moving closer to Wall Street.

Anthropic, the company behind Claude, could seek a valuation above $2 trillion and raise more than $100 billion. OpenAI has also submitted a confidential draft registration statement, although Sam Altman has ruled out a 2026 listing.

Why Anthropic is attracting attention

Reuters reported that Anthropic’s revenue increased twelvefold in 2025 to almost $4.6 billion. Investor documents reportedly put revenue at $4.73 billion in Q1 2026 and above $11.5 billion in Q2, more than $16.23 billion for the first half.

Its annualised revenue run-rate exceeded $65 billion at the end of July. The New York Times later reported an expectation, based on people familiar with the company, of more than $100 billion by year-end 2026.

A possible record IPO

Anthropic’s completed May funding round raised $65 billion at a $965 billion post-money valuation. The reported IPO target is more than double that figure.

If Anthropic raises over $100 billion, it could beat SpaceX’s $85.7 billion record for IPO proceeds. The record is based on money raised, not the company’s valuation.

Timing is not confirmed. The New York Times said trading could begin as soon as November, while Reuters reported in September that the IPO was likely after the 3 November US midterm elections.

The huge cost behind the growth

Reuters reported at least $518 billion of expected Anthropic infrastructure spending across six partners, over roughly a decade. About 80% was described as non-cancellable or payable regardless of use.

Anthropic also depends heavily on Amazon and Google as investors, computing suppliers, sales channels and competitors. About 47% of 2025 revenue reportedly came through their cloud marketplaces. Separately, two unnamed customers each accounted for 12% of 2025 revenue.

These relationships support fast growth, but they also create concentration and cost risk.

What about the $42 billion loss?

Reuters reported a 2025 net loss of almost $42 billion. About $34 billion reportedly came from an accounting charge linked to financing that may convert into shares, not normal operating spending.

The operating loss was still more than $8 billion. However, documents reviewed by Bloomberg indicated positive adjusted operating income in Q2 2026. The Financial Times later reported that Anthropic expected a second consecutive quarter of positive adjusted operating income.

OpenAI is still a powerful rival

OpenAI’s annualised recurring revenue was reportedly approaching $70 billion in late September. This is a run-rate estimate.

Its March financing secured $122 billion in committed capital at an $852 billion post-money valuation. OpenAI is now reportedly discussing another raise of at least $30 billion at around $1.4 trillion before the new investment.

Which company looks more expensive?

Anthropic’s possible valuation produces two different figures:

●     Less than 30.8 times its achieved July run-rate: $2 trillion divided by more than $65 billion.

●     Less than 20 times its projected year-end run-rate: $2 trillion divided by more than $100 billion.

OpenAI’s reported $1.4 trillion pre-money valuation divided by a run-rate approaching $70 billion is more than 20 times.

On forward-looking numbers, Anthropic’s multiple may be similar to or below OpenAI’s. But Anthropic’s figure is a projection, OpenAI’s is a September estimate.

Why should you prepare now?

Anthropic and OpenAI could become two of the most watched listings in years. Their growth also matters to Amazon, Alphabet, Microsoft, Nvidia, AMD, Broadcom and Oracle.

There is no need to guess the IPO price or use an unverified private-market product, make use of the USDT price.

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** This article was prepared by BROKSTOCK analyst Maboko Seabi