AI Startup IPOs as the Next Phase of the AI Race
An AI startup IPO is the public listing of a fast-growing artificial intelligence company, and it is increasingly used as both a financing tool and a signal of market leadership, maturity, and business model credibility in a crowded AI sector. With OpenAI and Anthropic now in the IPO queue and Perplexity naming its own timeline, investors are treating these offerings as benchmarks for AI company valuation and long‑term profitability. OpenAI’s confidential S‑1 filing, following Anthropic’s, marks a shift from private experimentation to public scrutiny with earnings calls and detailed disclosures. Analysts see these moves as the point where enormous private valuations must be justified by durable cash flows and unit economics rather than hype. The outcome of the coming AI startup IPO wave will shape how markets price risk, growth, and competitive advantage across the wider AI ecosystem.
Perplexity’s 2028 IPO Target: Independent but Exposed
Perplexity’s CEO Aravind Srinivas has set a clear goal: a Perplexity IPO 2028, regardless of how OpenAI and Anthropic fare in public markets. He told CNBC that “agnostic of these two companies, we were planning for something in 2028, so that still remains the case.” That stance signals confidence in Perplexity’s model as an AI-powered search engine and agent platform rather than a pure frontier model lab. The company’s valuation of USD 20 billion (approx. RM92.0 billion) after a USD 200 million (approx. RM920.0 million) funding round underlines that investors already see it as a significant AI search contender. Yet Srinivas openly admits that poor IPO receptions for the larger labs would send “ripple effects” through the sector. Perplexity’s strategy banks on competition in both frontier and local models improving its own product, while using a long runway to show sustainable growth before tapping public markets.
OpenAI’s Public Offering and the Scrutiny on AI Company Valuation
OpenAI’s move toward a public offering has triggered intense debate about AI company valuation and business model durability. With expectations that OpenAI and Anthropic could each be valued around USD 1 trillion (approx. RM4.6 trillion) post‑listing, investors are questioning how these numbers translate into long‑term cash generation. Gregory Allen notes that such valuations resemble “an annuity that kicks out USD 45 billion (approx. RM207.0 billion) a year every year forever,” highlighting the scale of implied future profits. Yet OpenAI and peers are still in heavy investment mode, with high capital expenditure and current losses. Analysts argue the key risk is whether management can time infrastructure spending against revenue growth so that they do not exhaust cash. The OpenAI public offering will therefore act as a litmus test of how public markets weigh future AI dominance against immediate financial strain.
Anthropic IPO Plans and Competitive Positioning Against OpenAI
Anthropic’s IPO plans place it directly against OpenAI in the race for public capital and enterprise customers. Some investors already view Anthropic as structurally advantaged. Portfolio manager Dan Niles told CNBC that Anthropic reached profitability in Q2 and that its revenues are “ramping like nothing you’ve ever seen in history for a company of that size.” He argues that consumer-facing AI is likely to be dominated by a major search incumbent, while Anthropic claims the corporate segment and OpenAI is “stuck between the two.” Anthropic’s earlier move to profitability strengthens its case that large AI models can become sustainable businesses rather than perpetual cash burners. Its IPO trajectory, side by side with OpenAI’s, gives investors a direct comparison in capital efficiency, enterprise traction, and risk profile, which will shape how the market prices different strategic paths to AI leadership.
What This IPO Wave Signals for Investor Expectations
Together, the Anthropic IPO plans, OpenAI public offering, and Perplexity IPO 2028 roadmap are setting the template for how AI startup IPOs will be judged. Wedbush analyst Dan Ives says OpenAI’s filing shows “the floodgates for the IPO market are officially open,” as leading labs race to raise capital and lock in market share. SpaceX’s listing, with a self‑reported valuation at roughly 110‑times sales and net loss of USD 4.28 billion (approx. RM19.7 billion) on USD 4.69 billion (approx. RM21.6 billion) revenue in Q1, gives investors an early stress test of appetite for large, loss‑making tech bets tied to AI. Supporters hope for “a gushing torrent of liquidity,” while critics like Gary Marcus warn about inflated expectations. The success or disappointment of these offerings will define how public markets price AI risk, reward, and time horizons for years.
