OpenAI, Anthropic File $1 Trillion IPOs Amid State Attorney Scrutiny

OpenAI and Anthropic have filed initial public offering applications valuing each company at up to $1 trillion and $965 billion, respectively. A coalition of 42 U.S. state attorney generals has launched a coordinated investigation into both firms, focusing on consumer protection, data use practices, and risks related to minors interacting with generative AI systems ¹.

The move toward public markets signals a shift in how these organizations view funding and governance. “Valuation targets of $1T (USD) for OpenAI and $965B (USD) are ambitious,” notes an AI specialist citing the filing details. The expert also points out that GPT‑4’s performance on standardized benchmarks such as MMLU has plateaued in recent months, suggesting that further scale may not translate directly into higher benchmark scores but could still unlock new commercial opportunities ¹.

While the IPOs promise fresh capital streams, they also bring heightened scrutiny. Investigators probe whether OpenAI and Anthropic comply with consumer protection laws when deploying AI tools that can influence minors, as well as how data is collected and utilized during training. It remains unclear how these filings will affect model access policies or research transparency requirements at both companies, especially given regulatory pressure from the investigations ¹.