Key facts
- OpenAI and Anthropic have confidentially filed for initial public offerings.
- These IPOs could reshape the stock market's trade in artificial intelligence.
- The valuations for OpenAI and Anthropic are expected to be around $1 trillion each.
- BCA Research warns that new AI listings could pull capital away from existing AI beneficiaries.
- Investors may fund new IPOs by trimming existing AI winners that have benefited from scarcity value.
- Companies like Microsoft, Amazon, and Alphabet have significant investments in OpenAI and Anthropic.
OpenAI has confidentially filed for an initial public offering, a move that follows a similar filing by rival Anthropic. These potential mega-IPOs, each valued at around $1 trillion, are expected to significantly reshape the stock market's trade in artificial intelligence.
BCA Research suggests that the influx of new AI listings could reduce the scarcity value of existing AI beneficiaries and potentially pull capital away from them. Investors might fund these new IPOs by trimming their stakes in current AI stock winners. Companies like Microsoft, Amazon, and Alphabet, which have invested heavily in OpenAI and Anthropic, could be particularly vulnerable as investors seek more direct exposure to these pure-play AI companies.
The AI trade has been a significant driver of the tech-fueled bull market, with companies like Nvidia experiencing substantial gains. Hyperscalers such as Microsoft, Alphabet, and Amazon have also seen large increases in value, partly due to their investments in and partnerships with OpenAI and Anthropic. For instance, Amazon has invested tens of billions in Anthropic, while Microsoft holds an estimated 27% stake in OpenAI. Chipmakers like Nvidia, Broadcom, and Qualcomm have also invested in these AI giants ahead of their public debuts.