Anthropic's filing for a confidential IPO this week may just be another going public in the tech world. But when compared to the IPO plans of SpaceX and OpenAI, this event shows that the AI race is entering a new phase, where the most important question is no longer who owns the most popular chatbot, but who can demonstrate the ability to monetize artificial intelligence.
If Anthropic, OpenAI, and SpaceX all complete IPOs this year, Wall Street could witness one of the biggest initial public offerings in tech history.
When discussing Anthropic and OpenAI, financial experts believe that whichever company goes public first will have the advantage of shaping how the market perceives the AI industry, while also attracting the massive capital waiting for investment opportunities in this field.
The enthusiasm of investors reflects the belief that AI is becoming the new engine of growth for the global economy . However, what is even more noteworthy is how rapidly the focus of the race has shifted in just a few years.
When ChatGPT launched in late 2022, the success of AI companies was primarily measured by the number of users and popularity. The competition then revolved around who had the more powerful model, the smarter chatbot, or the larger user base. By 2026, the most important metric seems to have become revenue and the commercial viability of the technology.
Anthropic is the clearest example of that change. Founded in 2021 by a group of former OpenAI employees, the company was once considered a smaller contender in the AI race. Yet, in just a few years, Anthropic has risen to a valuation of approximately $965 billion after its latest funding round, far surpassing OpenAI's most recent valuation of $730 billion.
It's noteworthy that Anthropic didn't achieve this position by directly competing with ChatGPT in the consumer market. Instead, the company focused almost all of its resources on AI tools for businesses, especially in the programming field.
While many tech companies race to develop AI browsers, image and video creation tools, or other consumer applications, Anthropic has chosen a narrower path. Claude Code and its programming support products were quickly embraced by software engineers, helping Anthropic become one of the fastest-growing AI companies in the world .
According to the company, annual revenue has increased from approximately $9 billion at the end of 2025 to over $47 billion in May of this year. It is this growth rate that is making Wall Street more interested in the debates about whether Claude or ChatGPT is smarter.
The rise of Anthropic also shows that investors are prioritizing businesses that can address specific needs and generate clear revenue streams. While the early stages of AI were driven by curiosity and excitement about new technology, the current phase is driven by more pragmatic questions: are customers willing to pay, and how scalable is the business?
However, the AI race remains uncertain. Despite strong revenue growth, Anthropic has yet to announce whether it is profitable. Like OpenAI and many other AI companies, Anthropic is spending enormous sums on computing power, from processors to data centers, to meet the growing demands of its customers.
The company itself has faced computing power shortages that disrupted services and forced it to sign large-scale agreements with technology infrastructure providers. Meanwhile, some businesses, after an initial period of enthusiasm for AI deployment, are beginning to reconsider costs due to computing bills rising faster than expected.
These challenges demonstrate that the AI market is still in the process of finding a sustainable business model. Revenue growth is a necessary condition, but not a sufficient one to prove the long-term value of the industry.
Therefore, the upcoming IPOs of Anthropic, OpenAI, or SpaceX are not simply tests of the attractiveness of technology stocks. They are also a measure of investor confidence in the ability to translate breakthroughs in artificial intelligence into real profits.
Source: https://hanoimoi.vn/ai-buoc-vao-phep-thu-cua-thi-truong-von-1042441.html
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