Investors are watching the IPO race between AI leaders OpenAI and Anthropic as much for timing as for technology. A public debut would land either firm in a market that recently rewarded AI‑chip maker Cerebras with a 68% first‑day jump and saw design platform Figma surge 250% after a $10 billion‑plus listing. The window is wide open. Analysts expect strong demand for AI equities.

Anthropic filed confidential S‑1 paperwork on Monday, targeting a fall listing, while OpenAI is already courting bankers for its own registration. Being first could lock in premium valuations and set the benchmark for subsequent AI IPOs. Academic studies show companies that float early in a sector cluster typically outperform later entrants, which often lack comparable moats.

The stakes rise further as Elon Musk’s SpaceX eyes a summer IPO that could command a $1.5 trillion valuation, dwarfing any AI debut and heating the overall IPO market. If OpenAI or Anthropic secures the first big AI model listing, they stand to capture investor enthusiasm before the SpaceX splash, potentially setting valuation multiples that shape the next wave of tech offerings.