A list of AI large-model companies planning to go public in the US and China: OpenAI and Anthropic are expected to go public as early as Q4 2026, and DeepSeek is preparing for a listing on the A-share market.

BlockBeats, July 17: China–US AI large-model companies are accelerating their capital market plans. Companies including Anthropic, OpenAI, DeepSeek, Moonshot AI, and StepFun have already entered the stages of submitting filings, preparing for a listing, or early evaluation. Their potential listing locations cover US stocks, A shares, and Hong Kong stocks. BlockBeats has compiled the following companies that are in line to ring the bell:

First category: filings submitted; closer to listing

These companies have secretly filed their S-1s, with the most advanced progress toward listing.

Anthropic secretly filed its S-1 on June 1, planning to list on US stocks. The fastest possible listing timing is in the fourth quarter of 2026. The company’s latest post-money valuation is about 965 billion yuan, its latest round of financing is 650 billion yuan, and total financing is about 1320 billion yuan.

OpenAI also secretly filed its S-1 on June 8, likewise planning to list on US stocks. The fastest possible listing timing is also in the fourth quarter of 2026. The company’s latest post-money valuation is about 852 billion yuan, its latest round of financing is 1220 billion yuan, and total financing is about 1800 billion yuan.

Second category: preparations launched or in an evaluation stage

These companies have not yet entered the public offering stage, but they have already started listing preparations, engaging with investment banks, or—according to reports—submitting filings.

DeepSeek has launched preparations for an A-share listing. Its latest pre-money valuation is about 710 billion yuan, its latest round of financing is 70 billion yuan, and total financing is about 70 billion yuan. It plans to submit materials by the end of 2026 and be listed in 2027.

Moonshot AI is conducting early evaluations for a Hong Kong listing and has already engaged with investment banks. The company’s latest post-money valuation is about 200 billion yuan, its latest round of financing is 20 billion yuan, and total financing exceeds 50 billion yuan. There is currently no clear listing timetable.

StepFun is rumored to have secretly submitted Hong Kong listing documents. Its latest valuation is about 120 billion yuan, its latest round of financing is close to 25 billion yuan, and total financing exceeds 30 billion yuan. The specific listing timing is still to be determined.

Third category: only expresses intent; not formally launched yet

These companies have released their listing plans, but have not yet entered the substantive filing stage.

Baichuan Intelligence has expressed its intention to list, but the relevant procedures have not yet been launched. The proposed listing location is pending. The company’s latest valuation is about 200 billion yuan RMB, its latest round of financing is 50 billion yuan RMB, and total financing is about 75 billion yuan RMB. It is expected to start its listing work in 2027.

Perplexity has also not yet formally started the listing process. It plans to list on US stocks. Its latest valuation is 210 billion yuan, its latest round of financing is 2 billion yuan, and total financing is about 17 billion yuan. It plans to be listed in 2028.