OpenAI Files for IPO and Completes Trio of Mega AI IPOs

OpenAI itself is tight-lipped about its plans. The company did not publicly disclose "Angaben zum Zeitplan oder zum Aktienvolumen." At the same time, the firm emphasized "dass es bis zu dem Börsengang noch dauern könne," since "es erleichtere einige geschäftliche Dinge, nicht an der Börse notiert zu sein." This restraint is reminiscent of Anthropic's approach, whose confidential filing likewise does not reveal any concrete key figures.

OpenAI Remains Tight-Lipped on Timing and Volume

The dimensions implicit in the filings are enormous. OpenAI is pursuing "ambitionierte Pläne für Investitionen in Rechenzentren im Volumen von Hunderten Milliarden Dollar" – capital that is to be raised, at least in part, through the stock market. "Dabei könnten Einnahmen aus einem Börsengang helfen," market participants estimate. OpenAI, as the "ChatGPT-Erfinder," is one of the most recognized brands in the industry and, following its most recent funding round, is among the most valuable private companies in the world.

In the course of the latest funding round, OpenAI was valued "etwas darunter" than rival Anthropic, whose market capitalization is reportedly around 900 billion US dollars. "Laut Beobachterinnen und Beobachtern könnte der Börsengang von OpenAI einer der grössten aller Zeiten werden," according to reports. The filing is therefore considered a litmus test for the absorptive capacity of the capital markets in the AI sector.

High Valuations, Open Financing Questions

"Deswegen werden die KI-Börsengänge auch zu einem Test für die Bereitschaft der Anleger, in die Branche zu investieren," analysts write. Because "allerdings gibt es – wie auch bei anderen Firmen in der Branche – erhebliche Zweifel, ob die gewaltigen Ausgaben für KI-Infrastruktur am Ende zurückverdient werden können." The skepticism relates to the period in which the massive investments in data centers, chips, and energy are actually expected to pay off.

SpaceX faces a comparable question with its plans. "Mit angestrebten Einnahmen von rund 75 Milliarden Dollar soll es der bisher grösste Börsengang überhaupt werden," insiders report. "… strebt dabei aus dem Stand eine Bewertung von fast 1.8 Billionen Dollar an (rund 1.44 Billionen Franken)". As justification, SpaceX points to the "Versprechen zukünftiger Erfolge" – even though the company "mit einem Umsatz von weniger als 19 Milliarden Dollar und roten Zahlen im vergangenen Jahr" was operating.

SpaceX as the Biggest Chunk

The IPOs of OpenAI, Anthropic, and SpaceX together form the provisional culmination of a phase in which the largest private tech firms are taking the step of going public. Taken together, they stand for the question of whether the high valuations achieved in the private market will be confirmed by broader investor groups. Until OpenAI is actually listed on the stock exchange, however, several months are likely to pass – even if the course has been set with the current filing.

What is certain is that, with the OpenAI filing, the field of AI and tech mega-IPOs is fully populated. The coming weeks will show in what order and at what valuations the companies actually go to market. Observers regard the current move as a decisive indicator of the future investment climate in the technology sector.