[DEVELOPING] Anthropic leads the AI-lab IPO race; strategists warn proceeds could pressure weak names
Anthropic is reported likely to list first of the two leading labs, potentially as early as September after a June draft S-1 and a ~$965B valuation, while OpenAI has confidentially filed near ~$920B eyeing a Q4 debut. Evercore ISI cautions that investors could redirect capital toward the anticipated listings, pressuring already-struggling post-Labor-Day names. For the board, the IPO wave underwrites the AI-capex and power-buildout theses while concentrating risk into narrow leadership.