Anthropic and OpenAI File SEC Registration Statements Ahead of Public Listing

Both OpenAI and Anthropic have filed confidential registration statements with the U.S. Securities and Exchange Commission (SEC) ahead of their anticipated transitions to public markets. Both companies are currently valued at nearly $1 trillion each.

While both companies operate on a massive scale, their user bases and revenue streams differ significantly. ChatGPT currently serves 1 billion monthly active users worldwide. In contrast, approximately 80% of Anthropic’s revenue is generated from enterprise clients.

Anthropic has reported rapid financial expansion. Its annualized revenue run rate surged to $47 billion in mid-2026, up from $9 billion at the end of the previous year. The company also reported 130% revenue growth in the second quarter of 2026.

Recent reports indicate that Anthropic achieved its first operating profit in the second quarter of 2026. This milestone follows a strategic focus on enterprise growth.

OpenAI's financial path reflects different targets. The company generates about 40% of its sales from enterprises and reported a net loss of approximately $38.5 billion in 2025.

OpenAI believes it won't turn profitable until at least 2030.

Anthropic had previously aimed for its first profitable year in 2028. The company's latest funding round valued it at $965 billion, which is approximately 20.5 times its 2026 sales.

OpenAI's last private funding raise valued the company at $852 billion. Based on a reported revenue run rate of $25 billion for 2026, this valuation represents about 34.1 times its revenue.

Beyond their internal growth, the industry is evolving. Reports surfaced that OpenAI may enter the consumer hardware space with a smart home speaker.

The transition toward public markets for both firms carries broader implications. Nonprofits are hoping for a secondary giving windfall from tech ultrawealthy as these startups prepare to go public.