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Let's talk about who will go public first, Anthropic or OpenAI. I believe OpenAI is more likely to be the first to enter the capital markets.
Although OpenAI has some governance structure controversies, its industry position, market buzz, and commercialization scale are unmatched by Anthropic. The user base and revenue growth brought by ChatGPT have already given it the size of a top-tier tech IPO. Moreover, the company's management has been actively pushing for equity structure reforms recently, aiming to clear the way for listing and resolve shareholder disagreements. In comparison, while Anthropic has a clearer structure, its market attention and revenue scale are far behind OpenAI, making it quite challenging to race ahead this fall.
I think in this IPO race, OpenAI will overcome internal issues and be the first to complete its listing.