September's reporting puts Anthropic and OpenAI on different financing paths: preparations for a public offering at one, private fundraising discussions at the other. The dates show how that split developed.
September 4: Anthropic's offering preparations. Reuters reported that marketing could begin in mid-October at the earliest, with completion sought before November's U.S. midterm elections. Its sources warned that timing could change. A planned $15 billion revolving credit facility was still being finalized. Reuters (via Investing.com)
September 12: OpenAI rules out this year. Reuters reported Sam Altman's answer to Fortune's question about an IPO date: "not 2026." He cited AI safety concerns. That answer leaves the eventual listing date open. Reuters (via Investing.com)
September 15: another private round under discussion. Reuters, citing the Financial Times, reported early investor talks about valuing OpenAI at roughly $1.2 trillion. The report said investors initiated the talks and the figure could change. That figure describes a prospective valuation; the report does not establish a completed round. Reuters, citing FT (via Investing.com)
The financing question is who will fund the next stage, and on what terms. My reading is that the sharper comparison will come from what each company discloses about costs, capital needs and investor commitments. IPO timing alone offers little basis for comparing their models' safety.
Watch for a public prospectus, a priced offering or a confirmed private round. Those would turn the reported plans into firmer evidence about the businesses behind the models.