What does "confidential filing" mean, and how is it different from a regular IPO?

A confidential filing allows large companies to submit their IPO draft documents to the SEC for private review, without publicly disclosing financial details, until closer to the official listing. This approach enables companies to reserve their position and maintain flexibility, without revealing too much financial information to competitors. It indicates that a company "intends to go public and has initiated the process," but does not guarantee an immediate listing, as the timing can still be adjusted.

Are Anthropic and OpenAI really going to go public immediately?

Both companies have only completed confidential filings in early June 2026 and have not yet officially listed. Anthropic, which filed on June 1, is expected to potentially list on the NASDAQ or NYSE as early as the fourth quarter of this year, while OpenAI, which filed on June 8, has stated that the timing has not been determined. The filings give them the option to go public at any time, but do not necessarily mean it will happen soon.

Will the prices of ChatGPT and Claude increase after they go public?

Prices are unlikely to increase immediately due to the filings, but be prepared for potential changes in the medium to long term. As publicly listed companies, they will be responsible to their shareholders for revenue and profits, and may shift away from strategies that prioritize free usage and user acquisition. Instead, they may focus on generating more revenue from each user, through tactics such as reducing free quotas, increasing paid plan prices, or offering premium features at higher price points. It's a good idea to develop a habit of not relying too heavily on a single tool.

Should ordinary people invest in this AI IPO wave?

This article does not constitute investment advice. AI companies have enormous valuations, often in the trillions of dollars, and are subject to significant fluctuations and risks. Many of these companies are still burning large amounts of cash and have not yet achieved positive cash flow. Rather than chasing related investments, individuals may want to focus on learning how to effectively utilize these tools and diversifying their dependencies, as this can have a more practical and lasting impact on their careers and productivity.

In the first week of June, Anthropic and OpenAI submitted confidential IPO filings to the US SEC, with estimated valuations of nearly $96.5 billion and over $80 billion, respectively. As AI leaders knock on Wall Street's door, what does this mean for Taiwanese developers, businesses, and general users?

The AI IPO Wave is Coming! Anthropic and OpenAI File Confidentially, How Will This Affect Taiwan?

On a Sunday evening in June, a Taiwanese SaaS founder was scrolling through his phone in Taipei when he saw a news push notification: OpenAI had confirmed that it had confidentially submitted its IPO filing to the US Securities and Exchange Commission (SEC). He was taken aback for two seconds - just a week ago, he had seen that his arch-rival Anthropic had also filed. Two AI companies that had been burning money at an alarming rate were now lining up to go public on Wall Street.

This is not a rumor. On June 1, 2026, Anthropic confirmed that it had confidentially submitted its S-1 filing to the SEC; on June 8, OpenAI followed suit. The two companies filed just a week apart, essentially putting the question of whether AI companies can make money and are worth their valuation directly in front of the capital market. For Taiwan, this may seem like a distant event, but it's actually not that far away - the corporate governance, pricing strategies, and product pace of companies like ChatGPT and Claude, which you use every day, will all be tied to the fact that they are now public companies.

Event Background

The so-called "confidential filing" is a US regulation that allows large companies to submit their S-1 draft to the SEC for review without making their financial details public, and then make it public when they are about to list. The advantage is that companies can reserve their position and flexibility without revealing their bottom line to their competitors too early. OpenAI also stated in its announcement that submitting the filing gave them the option to go public at any time in the future, but the timing has not been determined, as some things are better done as a private company.

In simple terms, it means "queue up first, but not necessarily go public immediately".

Why now? Because of money. Anthropic had just completed a funding round of approximately $65 billion before submitting its filing, pushing its valuation to around $965 billion; OpenAI's valuation on the secondary market is around $80 billion, with a target valuation of around $73 billion to $85 billion. Bloomberg even estimated that the entire AI IPO pipeline is worth around $360 billion, and SpaceX is also rumored to be planning to go public with a valuation of around $1.75 trillion. This level of collective listing has not been seen since the internet bubble era.

Key Points

Anthropic files first: On June 1, 2026, Anthropic confidentially submitted its S-1 filing, with a valuation of around $965 billion. It is widely believed that it has the potential to become the first AI company to go public with a valuation of over $1 trillion, and may list on the Nasdaq or NYSE as early as the fourth quarter of this year.
OpenAI follows: On June 8, OpenAI confidentially submitted its filing, with underwriters Goldman Sachs and Morgan Stanley, and a target valuation of around $73 billion to $85 billion; ChatGPT has around 900 million weekly active users.
Financial health differs: Reports indicate that Anthropic's annual revenue has grown from around $9 billion at the end of 2025 to over $44 billion in May 2026, and is approaching its first quarterly profit; OpenAI's revenue has doubled, but it is still burning money heavily and is unlikely to turn cash-flow positive in the short term.
The overall pie is huge: The total valuation of the AI IPO pipeline is around $360 billion, equivalent to an industry pushing several "giants" to the public market at the same time.

Market Impact Analysis

Taiwanese users: In the short term, your ChatGPT and Claude won't suddenly become more expensive or difficult to use just because they are going public, but you should be prepared for the medium to long term. Once a company becomes a public company, it has to be responsible to its shareholders for its revenue and profit numbers. The previous strategy of "first providing free services and not worrying about losing money" will slowly be replaced by "trying to make more money from each user". Reductions in free quotas, price increases for Plus/Pro plans, and putting good features into high-priced plans are all common scripts after a company goes public. My suggestion is: develop the habit of not relying too heavily on a single company's products, and consider reading our article ChatGPT, Claude, Gemini: Which One Should You Choose After Using Them for a Year?.

Enterprise applications: For Taiwanese enterprises, this is actually good news, at least in terms of governance transparency. Public companies have to disclose their financial reports regularly, are scrutinized by analysts, and are subject to SEC regulation, which means that when you introduce Claude or ChatGPT enterprise solutions, you will have more public information to consult on issues like "will the company suddenly go bankrupt" or "how is data security handled". However, the financial pressure after going public may also lead suppliers to more aggressively push high-priced bundled plans. When negotiating procurement, remember to ask "how long is the price lock-in period". For small and medium-sized enterprises, I think it's better to first solidify your foundation and then consider the five steps to introduce AI data analysis before making a big bet.

Developers: This wave of IPOs is most likely to make developers anxious and excited. The massive capital brought by the IPO will likely continue to be invested in model training and API infrastructure, and the possibility of more powerful and cheaper models in the short term is high. However, public companies are very sensitive to "gross margin", and API pricing, free quotas, and the speed of abandoning old models may all become more "commercial". If you are developing products, be sure to design your architecture with the assumption that model suppliers are replaceable components, and don't put all your eggs in one basket. If you want to build your own AI agent toolchain, you can refer to What Tools Should You Prepare to Build an AI Agent?.

Future Development Trends

First, pricing will become more realistic. The golden age of free services is coming to an end, and the era of "paying for value" is arriving. The difference lies in how elegantly or clumsily each company charges.

Second, competition will become more intense. With two companies going public at the same time, their financial reports will become an open battlefield, with each company's revenue growth rate and gross margin being scrutinized every quarter. Product iteration will only become faster.

Third, regulation and governance will be put under a microscope. After going public, AI safety, data privacy, and copyright disputes will all be examined more closely by shareholders and regulatory bodies, which is actually a good thing for users.

TheAI College Summary and Commentary

Honestly, when I saw these two companies lining up to go public, my first reaction was not "wow, that's amazing", but "finally, it's time to turn in their homework". After burning so much money for so long, the market finally gets to ask: is this business model viable? Going public is like taking an exam.

The AI companies lining up to go public on Wall Street represent not the bursting of a bubble, but the end of the "free trial period" - from now on, every dollar's value has to be accounted for.

My specific advice for Taiwanese readers: don't be intimidated by the "trillion-dollar valuation" figures, and don't follow the crowd into any related investments. Focus on yourself - develop the habit of not relying too heavily on a single AI tool, and build a workflow that is not tied to a single company. When the price increase wave really comes, you will have the flexibility to switch.

Disclaimer: This article is a compilation of industry dynamics, and the content involves the valuation and market information of unlisted companies, which does not constitute any investment advice. Investment carries risk, please evaluate and consult professional opinions yourself.

Sources

Compiled based on publicly available information, with official sources taken as accurate.

The AI IPO Wave is Coming: How Anthropic and OpenAI's Listings Will Impact Taiwan