Anthropic, OpenAI Lead Slate of Potential Mega-IPOs in AI Sector

A pipeline of high-profile technology companies, led by artificial intelligence giants Anthropic and OpenAI, is reportedly preparing to go public, signaling a potentially record-breaking period for Wall Street's IPO market. The anticipated listings come amid intense investor interest in AI, with valuations for the sector's top firms soaring into the hundreds of billions.

The AI Giants Prepare for Market Debut

Anthropic is positioning itself for what could be one of the largest tech IPOs in history. Based on a recent private valuation of $965 billion, the company's offering could raise as much as $100 billion, according to a report from Investing.com. Anthropic is considered a key player in the enterprise AI market, alongside its main competitor, OpenAI.

OpenAI is also building its case for a blockbuster listing, with a reported valuation of $852 billion. The company's advertising business has shown rapid growth, achieving a $1 billion annualized revenue run rate just over 200 days after launch. Investor demand for pre-IPO access to both firms is high, evidenced by the launch of exchange-traded funds designed to offer exposure before the companies are publicly traded.

An Imminent Infrastructure Play

While timelines for the Anthropic and OpenAI IPOs remain unconfirmed, SoftBank's data-center subsidiary, SB Energy, is reportedly preparing for an offering as soon as September 2026. The company is targeting proceeds of $5 billion to $7 billion.

SB Energy provides a direct investment opportunity into the infrastructure supporting the AI boom. Key figures for its planned IPO include:

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• A contracted backlog of over $400 billion.
• Approximately 9 gigawatts of contracted computing capacity.
• A $3 billion commitment from chipmaker Nvidia through private transactions.

The company's relationship with OpenAI is notably intertwined, with OpenAI receiving warrants and investing $500 million for a stake in SB Energy's IPO, according to the report.

Market Context and Other Listings to Watch

The timing for these mega-IPOs remains a key uncertainty, with potential Federal Reserve rate hikes and broader market volatility potentially causing delays until late 2026 or early 2027. SB Energy's smaller size may make it more likely to proceed on schedule.

In other market activity, investors are watching satellite intelligence firm HawkEye 360 (HAWK), whose post-IPO lock-up period expires on September 2, an event that could increase selling pressure. The stock is also set for inclusion in the Russell 2000 index on September 21. Separately, Chinese AI chipmaker Enflame Technology recently raised approximately $860 million in its IPO on Shanghai's STAR Market, highlighting Beijing's push for semiconductor self-sufficiency.