AI IPOs Are Exploding, With the Biggest Battle Set to Unfold

AI conquered the internet, and now it’s coming for your brokerage account. Amid booming investor demand, companies from Silicon Valley to Hong Kong are racing to go public, with recent listings surging by over 600%. Still, none is bigger than the Anthropic vs. OpenAI showdown that could reshape the industry.

• Chipmaker Cerebras kicked things off, filing with 75% revenue growth from last year and a $23B valuation — while the aforementioned heavyweights eye $800B-$1T+ price tags.
• Across the Pacific, Hong Kong raised $14B from Q1 AI listings — headlined by Manycore’s 144% debut and an AlibabaBABA
  -backed PixVerse set to launch soon.

The true drama: Beneath the IPO buzz sits a bruising rivalry. Anthropic’s revenue tripled to $30B this year, but compounding problems have given OpenAI opportunities to exploit. Amid bugs, outages, a security scare, and pricing confusion, the latter is poaching developers and even questioning Anthropic’s revenue claims. Yet OpenAI carries its own baggage with $14B in projected 2026 losses and no profitability until 2030. The two CEOs once said AI could have multiple winners, but the gloves have come off. Both want the throne, and it's time for the markets to decide.