The two most valuable private companies in AI are racing toward public markets. Anthropic filed a confidential S-1 registration statement on June 1, 2026, while OpenAI submitted its own draft IPO paperwork around May 22, 2026.
Anthropic is targeting a fall 2026 listing with a projected valuation of approximately $965 billion. OpenAI, which appears to be leaning toward a 2027 debut, carried a private valuation of $852 billion as of March 2026. Both companies intend to cross the $1 trillion threshold at IPO.
The crypto collateral damage is already here
Unofficial Solana-based tokens that were tracking the pre-IPO valuations of both companies dropped by roughly 40% in May 2026. The plunge came after both OpenAI and Anthropic issued warnings that these token structures don’t comply with their regulations.
The projected liquidity absorption from these mega-IPO events could exceed $240 billion.
A wealth creation event with political implications
The IPOs are expected to generate a new class of billionaires among early investors, founders, and key stakeholders at both firms.
OpenAI was founded in 2015, originally as a nonprofit before transitioning to a public benefit corporation structure designed to appeal to investors while maintaining some mission-driven guardrails. Anthropic was established in 2021 by former OpenAI executives who left specifically to focus on safe AI development.
What this means for crypto investors
Over $240 billion in potential liquidity absorption is not a rounding error. For context, that figure exceeds the total market capitalization of all but the top handful of crypto assets.
The Solana token episode is a useful case study. Traders who tried to front-run these IPOs through unofficial crypto instruments lost roughly 40% in weeks after both OpenAI and Anthropic warned that these asset structures do not comply with their regulations. Traders should be watching secondary market volumes and stablecoin flows in the months leading up to both listings for early signs of capital migration.