Article by Leverage Shares by Themes Research
Anthropic vs OpenAI Stock: Who Is Closer to Listing?
October 30, 2026 | Anthropic Stock News
Anthropic is further along. It filed a public S-1 on October 26, 2026 and named ANT as its Nasdaq ticker. Bloomberg and TechCrunch reported on June 8, 2026 that OpenAI had filed confidentially. It hasn't filed publicly, and it's been reported to lean toward a listing in 2027. There's no OpenAI stock to buy, and Anthropic stock doesn't trade until its IPO prices.
Is there an OpenAI stock?
No. OpenAI is a private company. Its shares don't trade on any exchange, and it hasn't published a ticker or a public registration statement. Anything sold as OpenAI stock today is a private fund interest at best. It isn't a listed share.
How far along is each company's IPO?
Step | Anthropic | OpenAI |
Confidential filing | June 1, 2026 | June 8, 2026 (announced by OpenAI) |
Public S-1 | October 26, 2026 | Not filed |
Ticker and exchange | ANT, Nasdaq Global Select Market | Not announced |
Reported timing | Listing in the second half of November 2026 (Bloomberg, Wall Street Journal) | Leaning toward 2027 (New York Times) |
Financial statements public | Yes, through June 30, 2026 | No |
Our article on what's in Anthropic's S-1 covers the numbers it made public.
How do their valuations compare?
On the latest reported numbers, they're close. Anthropic's Series H in May 2026 valued it at $965 billion. Reuters reported in October that investors were discussing around $1.5 trillion for the IPO. OpenAI was valued at $852 billion after a round in March 2026. Reuters reported on October 19 that a new round of about $30 billion could value it at more than $1.4 trillion. Our article on Anthropic's valuation sets out what's behind the Anthropic figures.
What can investors see in each company's books?
Much more for Anthropic. Its S-1 shows first-half 2026 revenue of $16.3 billion, an operating loss of $693 million, and a net loss of $80.7 billion. It also sets out the share structure and the risk factors. OpenAI's confidential filing isn't public, so its audited numbers aren't available to investors.
Does it make a difference which lists first?
It may. Anthropic looks set to be first to put audited numbers and a market price in front of public investors. Reuters reported on October 19 that OpenAI was trying to speed up its fundraising ahead of the Anthropic IPO. Whichever lists first gives the market its first public price for a frontier AI developer. For the background on both companies, see our Anthropic IPO guide.
Key takeaways
- Anthropic has a public S-1, a ticker (ANT), and audited financials on file. OpenAI has a confidential filing and nothing public.
- Neither stock trades yet. Reports put Anthropic in November 2026 and OpenAI in 2027.
- Both are reported at around $1.4 trillion to $1.5 trillion. Only Anthropic's numbers can be checked against a filing.
Sources
- Anthropic, PBC, Form S-1, SEC EDGAR, October 26, 2026
- Anthropic, confidential draft S-1 submission announcement, June 1, 2026
- Anthropic, Series H announcement, May 28, 2026
- OpenAI, confidential IPO filing announcement, June 8, 2026 (as reported by Bloomberg and TechCrunch)
- Bloomberg Law, OpenAI leans toward waiting until 2027 for IPO, NYT says, June 26, 2026
- TechCrunch, OpenAI valued at $852 billion after March 2026 funding round, March 31, 2026
- Reuters, OpenAI seeks to accelerate fundraising ahead of Anthropic IPO, October 19, 2026
- Reuters, Investors temper Anthropic IPO valuation expectations, October 15, 2026
- Bloomberg, Anthropic said to target mega IPO before Thanksgiving, October 1, 2026
- Wall Street Journal via Investing.com, Anthropic files for IPO, October 26, 2026
