A New AI Company IPO Wave Takes Shape
The current AI company IPO wave refers to a cluster of highly valued artificial intelligence firms preparing stock market listings, using their rapid revenue growth and strategic importance to justify premium market valuations despite heavy investment needs and uncertain long‑term profitability. In recent weeks, OpenAI, Anthropic, and SpaceX have each moved closer to public markets, together representing more than USD 3.5 trillion (approx. RM16.1 trillion) in private-market value. Their steps signal a new phase for the AI boom, in which flagship models like ChatGPT and Claude translate into public equities rather than venture-only bets. Investors are being asked to treat these companies as long-duration infrastructure and platform plays, not short-lived hype cycles. At the same time, their IPO timelines will reveal how much public markets are willing to pay for fast-growing, compute-hungry AI platforms whose economics look very different from traditional software firms.
Inside OpenAI’s S-1 Filing and Unusual Economics
OpenAI has confidentially submitted a draft S-1 to the SEC, giving it the option to go public in what could become one of the largest tech listings ever. The company reportedly filed around May 22, 2026, and confirmed the move in a June blog post, with a targeted listing window between September and November. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the offering. OpenAI was last valued at approximately USD 852 billion (approx. RM3.9 trillion) in March 2026, with some analysts expecting its IPO valuation to stretch toward USD 1 trillion (approx. RM4.6 trillion). According to the StorageNewsletter analysis, “revenue has reportedly grown 12x in two years to roughly USD 24 billion (approx. RM110.4 billion) annualized, but gross margins sit near 33%, well below typical software companies at IPO.” The firm expects heavy losses and significant compute commitments through the decade, raising questions about how public investors will price its growth.
Anthropic IPO Plans and SpaceX’s Frontier-Tech Cluster
OpenAI’s move is part of a broader frontier-tech cluster that includes Anthropic and SpaceX. Anthropic confidentially filed on June 1, 2026, at a reported USD 965 billion (approx. RM4.5 trillion) valuation, while SpaceX is running an IPO roadshow at roughly USD 1.75 trillion (approx. RM8.1 trillion). Together, these listings would float an unprecedented set of AI and space infrastructure assets in a short window, turning private-market darlings into public benchmarks for AI market valuations. For investors, Anthropic’s IPO plans highlight how quickly AI startup valuation levels have climbed, even as competition from tech incumbents intensifies. SpaceX’s inclusion underscores that the AI story is intertwined with broader compute, satellite, and launch infrastructure. If these offerings price near their reported marks, they will set a high bar for future AI company IPO candidates and test whether public markets are willing to assign near-trillion-dollar values to firms still in heavy build-out mode.
Kling AI’s Hong Kong Path and AI Video Valuation Benchmarks
While US-focused firms dominate headlines, Kling AI is shaping a different valuation story in generative video. Kuaishou plans to spin out Kling, raise about USD 2 billion (approx. RM9.2 billion) from outside investors, and list it in Hong Kong as soon as 2027 at a valuation of up to USD 20 billion (approx. RM92 billion). The Wall Street Journal reported that Kling’s annual recurring revenue climbed from about USD 150 million (approx. RM690 million) in December 2025 to roughly USD 500 million (approx. RM2.3 billion) by May 2026. At that pace, Kling would trade at about 40 times ARR, a rich multiple even in an optimistic AI market. Unlike many peers, Kling is already generating substantial revenue from advertising, social content, and film work. Its pitch rests less on model demos and more on paid usage, offering a tangible benchmark for AI startup valuation in the video generation segment.
Investor Appetite, Skepticism, and What Comes Next
The clustering of OpenAI, Anthropic, SpaceX, and Kling shows that public and late-stage private investors are still eager to fund AI growth, even amid competitive pressure and adoption hurdles. This AI company IPO wave reflects confidence that these firms can become foundational infrastructure, but it also invites scrutiny. OpenAI faces skepticism from analysts who warn about market saturation, weak gross margins, and the risk that rivals or cloud partners capture most of the value. The company’s structure as a public benefit corporation controlled by a foundation, plus large stakes held by Microsoft and employees, adds further complexity for public shareholders. Across the sector, investors must weigh massive compute commitments, regulatory uncertainty, and fast product cycles against strong demand and early revenue traction. The way these listings price and trade will reset expectations for AI startup valuation and determine whether the public markets are ready for the next phase of the AI boom.
