Anthropic and OpenAI are moving toward the public markets with trillion-dollar expectations. Anthropic investors are modeling an IPO valuation of $2 trillion or more, while OpenAI’s eventual listing could value it at up to $1 trillion.
Their latest private valuation benchmarks are $965 billion and $852 billion.
Open-weight models do not need to beat the strongest proprietary systems to complicate those expectations. If cheaper models absorb enough routine work or force broader price cuts, they can pressure revenue per task and gross margins.
For enterprise buyers, that could also push frontier labs to monetize premium agents and workflows more…
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