This year has already delivered one of the most extraordinary IPO periods in recent years. SpaceX (SPCX), Cerebras (CBRS), and Jersey Mike's (JMKE) have been some of the buzzier names to debut in public markets.
But this could be just the tip of the IPO iceberg as we look into the fall — and along with it, some very bold promises on future performance.
Anthropic (ANTH.PVT) has filed confidentially for a potential IPO as soon as October. The Claude creator may pitch to investors that its potential revenue opportunities are above $30 trillion, per a new report from the Wall Street Journal.
OpenAI (OPAI.PVT) is not far behind, judging by all the execs it has sent packing this summer. It too could follow Anthropic with a seemingly outlandish future revenue estimate.
"I actually like it [the revenue estimate] because it talks about sort of what the opportunity is. If it's enterprise, if it's consumer, it's coding, it's actually changing not only how we do work, but also how we develop products. I think it is viable," Connor Group managing partner Jim Neesen said on Yahoo Finance's Opening Bid. "I mean, if you look at their revenue growth, $65 billion is their run rate. They were $9 billion last year. That's a sevenfold increase. I do think that market opportunity is out there."
Connor Group has advised on 275 IPOs worth more than $4 trillion.
Even without the Anthropic and OpenAI IPOs, this year may end up being a banner one for the US IPO market.
Traditional US IPOs raised approximately $114.1 billion in the second quarter, more than seven times the $14.8 billion raised over the same period in 2025, according to PWC data. The figure was boosted by SpaceX's arrival on public markets.
Through the first six months of the year, 65 traditional IPOs raised about $114.2 billion, compared to 34 IPOs that raised $14.8 billion during the first half of 2025.
Neesen said the outlook remains healthy for IPOs, especially for emerging biotech companies.
He added that investors are likely to be patient with the profit timelines for Anthropic and OpenAI.
"The intuition is Anthropic is a lot closer to that profitability piece," Neesen said. "But there is massive investment on the capital side that's continuing going out there. I think there will be a lot of forgiveness."
Brian Sozzi* is Yahoo Finance's Executive Editor, host of the Power Players with Brian Sozzi podcast, and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.*
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