Warnings about the potential dangers of advanced artificial intelligence are unlikely to derail highly anticipated public offerings by Anthropic and OpenAI, but concerns over their business models, regulatory exposure and long-term risks remain.
Anthropic is expected to reach the public markets before rival OpenAI, potentially with a blockbuster initial public offering later this year. The prospect of an IPO comes amid renewed debate over the safety of increasingly powerful AI systems.
Concerns intensified this month after Anthropic employee Jacob Coxon resigned and warned that the industry was “gambling with our lives.” Coxon, who previously worked at OpenAI, received support from several former colleagues, including one who expressed concern about a small possibility that AI could cause humanity’s extinction.
Anthropic CEO Dario Amodei also called for AI development to slow down last weekend, although he did not link the comments to the company’s IPO plans.
The controversy comes as both Anthropic and OpenAI prepare for closely watched trips to the public markets.
Companies preparing for an IPO are required to disclose known business risks to prospective investors, raising questions about whether and how theoretical AI-related catastrophic risks could feature in their securities filings.
Anthropic could submit its filing with the US Securities and Exchange Commission as early as this month.
Venture capitalist Chamath Palihapitiya questioned whether investors would demand a significant discount if the safety concerns proved credible.
“Are we to believe that there is something that’s extremely dangerous that’s hiding inside this company because this person that quit said it, and then it was amplified by a bunch of people” who still work there, Palihapitiya said on the All-In podcast last week.
“If it’s true… (investors) will demand an enormous discount,” he added.
Altimeter Capital founder Brad Gerstner, who holds shares in both OpenAI and Anthropic, took a more positive view of the potential impact of an IPO, arguing that public markets would provide greater transparency and allow investors to price the risks.
“Anthropic will IPO. The market knows how to price risk — see SpaceX,” Gerstner posted on X.
SpaceX raised $85 billion in its June IPO, although its stock has subsequently lost around a quarter of its value from a peak of about $202 per share.
“There is huge appetite to invest in the AI leaders,” Gerstner added.
IPO Stakes Extend Beyond AI Labs
The performance of Anthropic’s IPO could influence expectations surrounding OpenAI’s planned public debut in 2027.
The stakes extend beyond the two AI companies, with technology giants including Microsoft, Amazon, Google and Nvidia holding significant investments in AI laboratories.
The broader US economy is also increasingly connected to the expansion of AI infrastructure and technology, giving the performance of major AI listings wider significance.
OpenAI CEO Sam Altman said this weekend that the company would delay its IPO until 2027, citing safety concerns. Altman described the timing as an “ill-advised moment.”
Even before the latest AI safety controversy, OpenAI executives had indicated that the company was not in a rush to go public in 2026.
Its fundraising efforts, however, continue. OpenAI is reportedly in talks with investors to raise another round at a valuation of at least $1.2 trillion ahead of a public listing, while Anthropic could seek a valuation of about $2 trillion in an IPO that may come as early as October.
Reports have also indicated that OpenAI executives are weighing investor concerns, broader market uncertainty and SpaceX’s weaker stock performance since its listing.
Safety Debate Intensifies
The companies are also facing pressure over proposals to slow the pace of AI development following recent incidents involving AI systems behaving unexpectedly.
OpenAI CFO Sarah Friar has rejected the suggestion that slowing the release of cutting-edge technology would necessarily hurt the company’s core business or revenue growth.
“Even if we stop today, the amount of intelligence that’s available in the world is massive,” Friar told CNBC on Tuesday.
Anthropic has similarly argued that its focus on AI safety should not undermine its IPO prospects.
“I would say safety has been the core of who we are from the very beginning,” Anthropic’s head of policy, Sarah Heck, said at a Politico conference on Wednesday. “Our investors know that. Our customers know that.”
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