AI IPO Ambitions on Ice: Anthropic and OpenAI Weigh Pulling Back from Market Debut

A $1 trillion debut suddenly in doubt

Anthropic confidentially filed a draft S-1 with the SEC on June 1, 2026, launching what was expected to become one of the largest IPOs in history247wallst +1. The filing followed a $65 billion Series H funding round that pushed the Claude maker's valuation to $965 billionsmartasset. Within weeks, a violent global technology sell-off has raised a serious question: whether Anthropic — and its chief rival OpenAI — will proceed to public markets at all247wallst.

A sell-off with real consequences for IPO timing

South Korea's KOSPI benchmark plunged more than 10%, while Samsung Electronics and SK Hynix each fell roughly 12%247wallst. In the United States, memory-chip names including Micron Technology and Sandisk dropped nearly 10%, and the Nasdaq and S&P 500 suffered their worst single day of the yearcnn. Technology stocks across global exchanges came under pressure as investors reassessed AI-linked valuations built up over three years of near-uninterrupted enthusiasm247wallst.

Anthropic was eyeing an October or November debut window, but has not set a share count, price range, or listing date, noting explicitly that timing will depend on market conditionssmartasset. Companies that price IPOs into a downturn often accept permanently lower proceeds and a damaged market perception that lingers for years247wallst.

OpenAI deepens the signal

What began as a question about Anthropic quickly spread. OpenAI's financial advisers have counseled the company to choose between two paths: wait until 2027 to defend a $1 trillion valuation, or go public sooner at a lower price247wallst. CEO Sam Altman reportedly rejected cutting the valuation target, and CFO Sarah Friar has told some employees to expect a 2027 launch247wallst.

The parallel retreat by the two most prominent AI labs signals a broader shift. Public investors are demanding financial discipline alongside rapid growth — Anthropic's revenue run-rate crossed $47 billion in May, but the company has not disclosed sustained GAAP profitability and still faces massive compute costssmartasset.

What backers stand to lose — or wait for

The delay has direct consequences for institutional investors. Amazon booked $16.8 billion in pre-tax gains from its Anthropic stake in Q1 2026 alone, with estimates putting its total position at between $135 billion and $160 billionfortune. Google holds roughly 14% of Anthropic in straight equity — worth approximately $135 billion on paper — and recently committed up to $40 billion morefortune.

SpaceX's recent public debut, celebrated as the largest IPO in history, saw its shares fall below the opening-day price within days247wallst. That setback has raised the bar sharply for any AI company approaching a trillion-dollar listing. If both Anthropic and OpenAI hold off until 2027, the blockbuster AI IPO wave Wall Street has spent years anticipating may be postponed by market forces rather than the companies themselves.