OpenAI races Anthropic to IPO despite $85B burn rate
openai confidentially filed for an ipo, aiming to list before rival anthropic. the move pressures public markets to absorb massive ai losses.
openai filed a draft registration statement with the sec, racing anthropic to public markets before spacex potentially absorbs available capital. the filing follows a $122 billion raise and comes despite openai missing user targets and projecting an $85 billion burn rate for 2028. cfo sarah friar cited concerns over supporting massive data center spending, with positive cash flow not expected until 2030. anthropic recently surged to a $1 trillion valuation on secondary markets, setting a high comp that could constrain openai's pricing.