[DEVELOPING] Anthropic pulls ahead in the AI-lab IPO race; strategists warn proceeds could pressure weak names
Anthropic is reported to be the likely first of the two leading labs to list, with an IPO as early as September after a June 1 draft S-1 and a $65B Series H at a ~$965B valuation, while OpenAI has confidentially filed and sits near ~$920B eyeing a Q4 debut. Evercore ISI cautions that investors could redirect capital toward the anticipated blockbuster listings, adding pressure to already-struggling post-Labor-Day names. For the board, the IPO wave underwrites the AI-capex and power-buildout theses even as it concentrates risk into a narrow leadership.