OpenAI is the bigger brand name globally, but Anthropic has higher revenue and is closer to profitability. Both IPOs are high-risk, high-valuation bets on the future of AI. Indian investors can only access these through US stock platforms like Vested or INDmoney under the RBI’s Liberalised Remittance Scheme.
Two of the most powerful AI companies in the world are racing to list on the stock market — within weeks of each other. OpenAI, the maker of ChatGPT, filed its IPO paperwork on May 22, 2026. Anthropic, the maker of Claude, followed on June 1, 2026.
Both companies are valued near one trillion dollars. Both are not yet profitable. And neither will list on Indian stock exchanges.
So what is actually different between them — and what should you know before considering either one?
First, a Quick Background on Both Companies
What is OpenAI?
OpenAI was founded in 2015 in San Francisco. It is the company behind ChatGPT — the AI chatbot that became the fastest-growing app in history when it launched in November 2022. ChatGPT currently has over 900 million weekly active users globally.
OpenAI is backed by Microsoft, which has invested over $13 billion in the company. It also raised a massive $122 billion funding round in early 2026 at a valuation of $852 billion.
What is Anthropic?
Anthropic was founded in 2021 — six years after OpenAI — by siblings Dario Amodei (CEO) and Daniela Amodei (President), who both previously worked at OpenAI. The company makes Claude, an AI assistant known for being reliable, safe, and particularly strong at coding tasks.
Anthropic is backed by Amazon and Google, among others. It recently raised $65 billion in a Series H round, pushing its valuation to approximately $965 billion — briefly making it more valuable than OpenAI.
Read Anthropic Files for IPO: What Is It and Why Everyone’s Talking About It
The Head-to-Head Comparison
Here is how the two companies stack up across the factors that matter most:
| Factor | OpenAI (ChatGPT) | Anthropic (Claude) |
| Founded | 2015 | 2021 |
| Key Product | ChatGPT, GPT API | Claude, Claude Code |
| Valuation | ~$852B – $1 trillion | ~$965 billion |
| Revenue Run Rate | ~$24 billion/year | ~$47 billion/year |
| Latest Funding Raised | $122 billion | $65 billion |
| Profitable? | No — ~$14B projected loss in 2026 | No — but losses are smaller |
| Losses per $1 of Revenue | $1.22 lost per $1 earned | Smaller gap, closer to breakeven |
| Monthly Revenue | ~$2 billion/month | ~$3.9 billion/month |
| IPO Filing Date | May 22, 2026 | June 1, 2026 |
| Target Listing | September – November 2026 | October – December 2026 |
| IPO Underwriters | Goldman Sachs, Morgan Stanley | Not yet announced |
| Key Investors | Microsoft, SoftBank, Tiger Global | Amazon, Google, Sequoia, Altimeter |
| User Base | 900M+ weekly active users | Enterprise-focused, 1,000+ $1M+ clients |
| Listing Exchange | US stock exchange (NYSE/Nasdaq) | US stock exchange (NYSE/Nasdaq) |
Revenue: Anthropic Is Pulling Ahead
This is the number that surprises most people. Anthropic, despite being six years younger, is generating nearly double the revenue of OpenAI.
Anthropic’s annual revenue run rate has crossed $47 billion. OpenAI is at approximately $24 billion per year — $2 billion per month.
How did a younger company overtake the creator of ChatGPT on revenue? Two reasons:
- Claude Code has become extremely popular among enterprise software teams. Large companies are paying significant amounts to use Claude to write, review, and manage code — a use case that commands higher prices than a regular chatbot subscription.
- Anthropic has signed deals with over 1,000 enterprise customers who each pay more than $1 million per year. Eight of the world’s ten largest companies are paying Claude customers.
Losses: Both Are Burning Cash, But OpenAI More So
Neither company makes a profit yet. But the scale of losses is very different.
OpenAI loses $1.22 for every $1 it earns. Internal projections suggest a $14 billion operating loss in 2026 alone. The company spent approximately $22 billion to generate $13 billion in revenue in 2025.
Anthropic’s losses are smaller relative to its revenue, and the company expects to reach its first operating profit sooner. The rapid revenue growth — nearly quadrupling in a few months — suggests the path to profitability is shorter.
Why are the costs so high for both? Running powerful AI models requires enormous computing infrastructure — thousands of expensive GPU chips, massive data centres, and huge electricity bills. These costs do not drop quickly.
Valuations: Are These IPOs Overpriced?
This is the honest question every investor should ask.
At $1 trillion valuations, both companies are being priced at roughly 30 to 40 times their annual revenue. For context, a typical profitable tech company might be priced at 5 to 15 times revenue.
What this means: investors are not just paying for what these companies earn today. They are betting that AI will become so embedded in business and daily life that revenues will grow 10x or more in the coming years.
That could happen. It could also not happen — or happen more slowly than expected. This is what makes both IPOs high-risk investments despite the exciting headlines.
What Makes OpenAI Different
OpenAI’s biggest strength is brand recognition. ChatGPT is used by hundreds of millions of people every week and is almost synonymous with AI for most consumers.
Enterprise clients also represent over 40% of OpenAI’s revenue and are growing fast. The company recently revised its partnership with Microsoft — resolving one of the major structural questions around its IPO.
The concern: OpenAI is burning cash at a rate that raises real questions about sustainability. At $14 billion in projected losses for 2026, the company needs the IPO to raise fresh capital — one analyst called it a ‘forced funding event, not a victory lap.’
What Makes Anthropic Different
Anthropic’s edge is in enterprise revenue and AI safety positioning. The company’s Claude models — particularly Claude Code — have become the go-to choice for large companies integrating AI into their software development workflows.
Anthropic is also structured as a Public Benefit Corporation (PBC) — a legal structure that requires it to balance profits with public benefit. This is a signal to enterprise clients (especially governments and regulated industries) that the company takes responsible AI seriously.
Anthropic has also secured massive compute deals: agreements with Amazon for up to five gigawatts of capacity, with Google and Broadcom for next-generation chips, and with SpaceX for GPU capacity. This matters because compute is the single biggest bottleneck for AI companies right now.
Can Indian Investors Buy Either IPO? Here Is How
Both companies will list on US stock exchanges — not BSE or NSE. Indian investors cannot buy these shares through a regular Indian broker.
However, there are two ways Indian investors can get exposure:
Option 1: Direct US Stock Investment
Platforms like Vested, INDmoney, and Groww allow Indian residents to buy US-listed stocks directly. Under the RBI’s Liberalised Remittance Scheme (LRS), you can invest up to $2,50,000 (approximately Rs 2.1 crore) per year in foreign stocks.
Once OpenAI or Anthropic lists, they would be available on these platforms just like any other US stock — Apple, Google, or Microsoft.
Option 2: Through Mutual Funds with US Exposure
Several Indian mutual funds invest in US technology companies. After the IPOs, funds focused on global tech or AI themes may add these stocks to their portfolios. This is a more indirect route but does not require you to open a separate US investment account.
Tax Note for Indian Investors
US stock gains are taxed as foreign income in India. Short-term gains (held under 24 months) are taxed at your income slab rate. Long-term gains (held over 24 months) are taxed at 12.5% without indexation. You also need to declare foreign assets in your ITR under Schedule FA.
| Route | How It Works | Good For |
| Direct via Vested/INDmoney | Open a US brokerage account linked to your Indian account, transfer funds via LRS | Investors who want direct exposure and control |
| Indian Mutual Fund with US exposure | Invest in a fund that already holds US tech stocks | Beginners who want indirect exposure without opening a US account |
| Wait and watch | Track the IPOs, read the public S-1 filings when available, then decide | Anyone not in a rush — valuations may settle post-listing |
The Risks You Should Know Before Investing
Both IPOs come with significant risks. Here is an honest list:
- Neither company is profitable. Losses are large and may continue for years.
- Valuations are extremely high — 30 to 40 times revenue. Any revenue slowdown could sharply reduce the stock price.
- AI is a rapidly changing industry. A new model from Google, Meta, or a Chinese competitor could erode market share quickly.
- Regulatory risk is growing. Governments worldwide are increasing scrutiny of AI companies — new rules could limit growth or increase compliance costs.
- IPO day pop is not guaranteed. High-profile tech IPOs often see strong first-day gains, but that does not always happen — and prices can fall sharply after the initial excitement.
Which One Looks More Interesting — and Why
On the numbers today, Anthropic presents a more interesting case. It has nearly double the revenue of OpenAI, a faster growth trajectory, lower relative losses, and a compute infrastructure that rivals the best in the world.
OpenAI has the brand recognition and a massive consumer base — but it is burning cash at a worrying rate and has historically operated with governance challenges.
That said, neither is a ‘safe’ investment at these valuations. Both are bets on AI becoming as essential as electricity over the next decade. That may well happen. But the price you pay today already reflects a lot of that optimism.
The wisest approach for most Indian investors is to stay informed, wait for the public S-1 filings (which will show full audited financials), and only invest what you are prepared to see fall significantly in value.
Conclusion
The OpenAI vs Anthropic IPO race is one of the most watched investing stories of 2026. Two AI giants, filing within weeks of each other, both targeting near-trillion-dollar valuations.
Anthropic has the revenue edge right now. OpenAI has the brand. Both are still losing money. Both carry real risk.
For Indian investors: stay curious, use regulated platforms if you do invest, and never put more money into a high-risk IPO than you can afford to lose.
We will continue tracking both listings as they develop — from public S-1 filings to final IPO dates.
Frequently Asked Questions
What is the difference between OpenAI and Anthropic?
OpenAI was founded in 2015 and is best known for ChatGPT, the world’s most widely used AI chatbot. Anthropic was founded in 2021 by former OpenAI employees and makes Claude, an AI assistant particularly popular with large enterprises and developers. Both companies are now filing for IPOs at near-trillion-dollar valuations, but Anthropic currently has higher revenue despite being the younger company.
Which AI company has higher revenue — OpenAI or Anthropic?
Anthropic has the higher revenue run rate as of mid-2026, at approximately $47 billion per year compared to OpenAI’s $24 billion per year. This is surprising given that OpenAI is six years older and has a much larger public user base through ChatGPT. Anthropic’s edge comes largely from enterprise clients paying high fees for Claude Code and other business-focused AI tools.
Are OpenAI or Anthropic profitable?
Neither company is profitable yet. OpenAI is projected to lose approximately $14 billion in 2026 — losing $1.22 for every $1 it earns. Anthropic is also loss-making but has a smaller gap between revenue and costs, and expects to reach its first operating profit sooner. Both companies spend enormous amounts on computing infrastructure to run their AI models.
Can Indian investors buy OpenAI or Anthropic shares?
Both companies will list on US stock exchanges, not on BSE or NSE. Indian investors can access these stocks through US investment platforms like Vested, INDmoney, or Groww, which allow Indians to invest in foreign stocks under the RBI’s Liberalised Remittance Scheme (LRS) — up to $2,50,000 per year. Gains from US stocks are taxed in India as foreign income and must be declared in your ITR under Schedule FA.
When will OpenAI and Anthropic go public?
OpenAI filed its confidential S-1 on May 22, 2026 and is targeting a public listing as early as September 2026. Anthropic filed its confidential S-1 on June 1, 2026 and is targeting an October to December 2026 listing. Both timelines depend on regulatory review and market conditions — nothing is confirmed yet.
Is the OpenAI or Anthropic IPO a good investment?
Both IPOs carry significant risk. Neither company is profitable, and both are priced at 30 to 40 times their annual revenue — which is very high by any standard measure. Investors buying at these valuations are betting on massive future growth in AI adoption. That could happen, but it is not guaranteed. Indian investors should treat these as high-risk, speculative investments and only allocate money they can afford to lose.
What is the Anthropic valuation compared to OpenAI?
As of June 2026, Anthropic is valued at approximately $965 billion — just under $1 trillion — following its latest $65 billion funding round. OpenAI’s valuation sits between $852 billion and $1 trillion following its $122 billion funding round. Anthropic briefly surpassed OpenAI in valuation, making it the world’s most valuable AI startup at that point.
