What the new AI startup IPO race looks like
The current AI startup IPO race is a contest among heavily funded artificial intelligence companies that are choosing very different timelines, structures, and narratives for going public while facing extreme valuations, high cash burn, and intense competitive pressure from rivals and incumbents. OpenAI, Anthropic, SpaceX-linked xAI, and search challenger Perplexity now define the spectrum of options facing high‑profile AI labs. OpenAI and Anthropic have filed to go public, while Perplexity has committed to a later listing. Analysts say these moves mark a shift from private fund‑raising to public scrutiny, earnings calls, and formal regulation. Some see a bid to raise the large amounts of capital required for frontier models and data centers; others highlight the need to reward early employees and keep talent. The result is an AI startup IPO landscape where timing and positioning are almost as strategic as the technology itself.
Perplexity’s 2028 plan: a slower, independent path to a public offering
Perplexity is positioning its future listing as a calculated, delayed AI startup IPO rather than a scramble to catch the first market window. CEO Aravind Srinivas told CNBC that the company is “planning for something in 2028” and that this target is “agnostic” of how OpenAI and Anthropic perform when they go public. That stance signals confidence that Perplexity’s AI-powered search engine and browser, including its Comet product and “Computer” digital worker agent, can mature outside the glare of public markets. The startup was last valued at USD 20 billion (approx. RM92 billion) after a funding round, far below the trillion‑level expectations now discussed for the largest labs. Srinivas has said Perplexity benefits when frontier models improve, because better underlying AI makes its products better. This interdependence lets Perplexity support rivals’ IPO success while still arguing it can stand apart when it finally pursues its own Perplexity public offering.
OpenAI’s confidential filing and questions on AI company valuation
OpenAI’s confidential S‑1 has triggered a wave of analysis about AI company valuation and business model durability. Wedbush analyst Dan Ives wrote that the filing shows “the floodgates for the IPO market are officially open” as OpenAI and Anthropic race to raise large sums and outdo each other. Commentators note that both firms, along with SpaceX, are now discussed in the “ballpark of a trillion dollars valuation,” levels Gregory Allen likened to “an annuity that kicks out USD 45 billion (approx. RM207 billion) a year every year forever.” Yet these businesses still lose money and face heavy capital expenditure needs. Skeptics such as Gary Marcus warn investors to pay attention to “where the AI industry stands,” arguing that enthusiasm may outrun proven economics. OpenAI’s timing language—it “may be a while” before listing—suggests it wants the option to tap public markets without committing to an immediate debut.
Anthropic, SpaceX, and the search for the right timing signal
Anthropic and SpaceX add another layer to the AI startup IPO story by pushing ahead on different business foundations but comparable valuation expectations. Anthropic, which has also filed confidentially, is expected by some estimates to be valued around USD 1 trillion (approx. RM4.6 trillion) post‑listing, yet portfolio manager Dan Niles says the company already reached profitability in the second quarter and that its revenues are “ramping like nothing you’ve ever seen.” SpaceX, which includes xAI, is seen as the near‑term frontrunner, aiming to raise USD 75 billion (approx. RM345 billion) at a USD 1.75 trillion (approx. RM8.05 trillion) valuation while reporting a quarterly net loss of USD 4.28 billion (approx. RM19.7 billion) on USD 4.69 billion (approx. RM21.5 billion) revenue. Perplexity’s Srinivas called the SpaceX IPO a “leading indicator” for how Anthropic and OpenAI might trade, underscoring how each listing will influence the others’ timing and investor appetite.
Three diverging IPO strategies under the same market sky
Despite sharing similar market conditions and access to large private funding pools, these AI players are choosing sharply different IPO tactics. OpenAI and Anthropic are filing early, effectively treating public markets as another stage in their capital‑raising race while their paths to long‑term profitability remain debated. Anthropic can point to its reported move into the black, while OpenAI must convince investors it can sustain rapid growth despite rising competition. Perplexity, by contrast, is betting that a later AI startup IPO in 2028, after more product and revenue maturation, will give it a cleaner story. Its focus on being model‑agnostic and riding progress from larger labs is a way to differentiate without matching their capital intensity. Together, these strategies show that IPO timing is now a core part of competitive positioning in AI, shaped by each company’s maturity, cash needs, and confidence in its moat.
