Anthropic and OpenAI are rumored to be approaching IPOs later this year or early next year.
Anthropic and OpenAI are rumored to be approaching IPOs later this year or early next year.
The artificial intelligence (AI) revolution has produced two of the fastest-growing start-ups in history. OpenAI burst onto the scene in late 2022 when it launched ChatGPT, introducing consumers around the world to generative AI. Meanwhile, Anthropic has emerged as a formidable competitor with its Claude models.
Both companies' growth has been extraordinary. Following a $122 billion funding round in March, OpenAI reached a valuation of $852 billion, while Anthropic was valued at $965 billion after its Series H round in May. Naturally, AI investors are eager to know when they can buy shares.
Anthropic confidentially filed for an initial public offering (IPO) in June and could make its public debut as soon as next month. OpenAI has also explored going public, although its timing remains uncertain.
Here's an interesting alternative: Rather than waiting for either company to go public at a valuation approaching the trillion-dollar milestone, investors can buy Alphabet (GOOGL +1.05%) (GOOG +0.96%) instead. Alphabet stands to benefit regardless of which AI developer ultimately wins. Read on to learn why.
Google Cloud already benefits from OpenAI and Anthropic
One of Alphabet's quiet advantages is that it doesn't need its Gemini AI models to beat ChatGPT or Claude. That reason is Google Cloud provides compute infrastructure to its competitors. In May 2025, OpenAI agreed to use Google Cloud's capacity to train and deploy its AI models.
This relationship is particularly interesting because up to that point, OpenAI was primarily tied to Microsoft Azure. Adding Google provided OpenAI with an alternative source of AI compute while giving Alphabet a hyperscaler customer whose infrastructure requirements are enormous.
Anthropic's relationship with Google runs even deeper. In October 2025, Anthropic announced its use of Google's custom silicon, called Tensor Processing Units (TPUs). In April, this relationship was expanded to include multiple gigawatts of TPU capacity expected to come online in 2027.
These arrangements create an attractive business model for Alphabet because the company can develop AI products for consumers while simultaneously supplying infrastructure that competing enterprises need.
Averytin News Financial update.