What Anthropic’s IPO Filing Could Reveal and Why OpenAI Is Racing It

OpenAI is seeking to raise about $30 billion before Anthropic’s expected mid-November listing, a round that could value the ChatGPT maker above $1.4 trillion. SoftBank, Abu Dhabi-based MGX and other existing backers are in talks to join. OpenAI was last valued at $852 billion in March after a $122 billion round, so the new target would be about 64% higher. Some investors reportedly discussed valuing Anthropic at about $1.5 trillion, down from $2 trillion it had sought after disappointing third-quarter results. OpenAI wants to complete its raise before Anthropic’s filing allows side-by-side comparison; the firms differ on revenue accounting, with OpenAI deducting partner shares before booking revenue and accusing Anthropic of counting full cloud-contract value, which Anthropic says follows established practices.