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  • Forecast a Decision: Grant Funding at Three Levels
  • Forecast a Decision: Which CEO Replacement Maximizes Share Price
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  • Forecast Categorical Outcomes for Two Stealth Labs
  • Forecast Conditional Scenarios for OpenAI's IPO
  • Forecast Anthropic and OpenAI IPOs: Dates and Valuations
  • Forecast a Sum-of-the-Parts SpaceX IPO Valuation
  • Forecast Founder Seed Valuations for AI Researchers
  • Find Startups Selling to Frontier AI Labs
  • Run 10,000 LLM Web Research Agents
FutureSearchby futuresearch
by futuresearch

Forecast Anthropic and OpenAI IPOs: Dates and Valuations

Two questions about the same two companies, each a different forecast type. Date mode answers when each lab lists, as a p10 through p90 spread rather than a single guess. Numeric mode answers what the market will pay on day one, as a percentile distribution over a number with units.

MetricValue
Rows2 per forecast
Forecast typedate and numeric, high effort
Total cost~$2.40 each
Time~10 minutes each

When will they IPO?

The resolution criterion is the first day of public trading on a major US exchange. It has to allow for the labs never listing, so it resolves "never" if the IPO does not happen within three years.

Add FutureSearch to Claude Code if you haven't already:

claude mcp add futuresearch --scope project --transport http https://mcp.futuresearch.ai/mcp

Then ask Claude:

Forecast when Anthropic and OpenAI will IPO. Use date-mode forecasting at high
effort. For each company, the resolution criterion is the date of the first day
of public trading on a major US exchange. If you think there's a meaningful
chance they don't IPO within 3 years, the output should reflect that.

Claude calls FutureSearch's forecast MCP tool in date mode:

Tool: futuresearch_forecast
├─ data: [{"company": "Anthropic", "question": "When will Anthropic IPO?", ...},
│         {"company": "OpenAI", "question": "When will OpenAI IPO?", ...}]
├─ forecast_type: "date"
├─ output_field: "ipo_date"
└─ effort_level: "HIGH"

→ Submitted: 2 rows for forecasting.
  Task ID: 9c8b...

Tool: futuresearch_progress
→ Completed: 2/2 (0 failed) in 612s.

Tool: futuresearch_results
├─ output_path: "/Users/you/ipo_forecasts.csv"
→ Saved 2 rows to /Users/you/ipo_forecasts.csv

Add the FutureSearch connector if you haven't already. Then ask Claude:

Forecast when Anthropic and OpenAI will IPO. Use date-mode forecasting at high effort. For each, the resolution criterion is the first day of public trading on a major US exchange. If there's a meaningful chance they don't IPO within 3 years, reflect that in the distribution.

Results take about 10 minutes.

Go to futuresearch.ai/app and enter:

Forecast when Anthropic and OpenAI will IPO. Use date-mode forecasting at high effort. For each, the resolution criterion is the first day of public trading on a major US exchange. If there's a meaningful chance they don't IPO within 3 years, reflect that in the distribution.

Date mode returns p10/p50/p90 columns as YYYY-MM-DD strings. The literal string "never" may appear when the model assigns meaningful probability to the event not occurring within the resolution window.

pip install futuresearch
export FUTURESEARCH_API_KEY=your_key_here  # Get one at futuresearch.ai/app/api-key
import asyncio
import pandas as pd
from futuresearch import create_session
from futuresearch.ops import forecast

date_questions = pd.DataFrame([
    {
        "company": "Anthropic",
        "question": "When will Anthropic IPO?",
        "resolution_criteria": (
            "The date of Anthropic's first day of public trading on a major US "
            "exchange (NYSE or Nasdaq). Resolves 'never' if Anthropic does not "
            "IPO within 3 years of the forecast date."
        ),
    },
    {
        "company": "OpenAI",
        "question": "When will OpenAI IPO?",
        "resolution_criteria": (
            "The date of OpenAI's first day of public trading on a major US "
            "exchange (NYSE or Nasdaq). Resolves 'never' if OpenAI does not "
            "IPO within 3 years of the forecast date."
        ),
    },
])

async def main():
    async with create_session(name="AI Lab IPO Date Forecasts") as session:
        result = await forecast(
            session=session,
            input=date_questions,
            forecast_type="date",
            output_field="ipo_date",
            effort_level="HIGH",
        )
        return result.data

results = asyncio.run(main())
print(results[["company", "ipo_date_p10", "ipo_date_p50", "ipo_date_p90"]])

Anthropic is forecast to list first, with a median around March 2027. OpenAI lags by about two months. Both carry a >10% probability of not listing inside the three-year window, captured by "never" in the p90 tail.

Companyp10p50 (median)p90
Anthropic2026-08-152027-03-12never
OpenAI2026-11-022027-05-21never

The reasoning cites Anthropic's late-2025 engagement of Wilson Sonsini and discussions with JPMorgan, Goldman, and Morgan Stanley. Bank engagement to IPO typically takes 6 to 9 months, then underwriters, S-1, then listing. For OpenAI, CFO Sarah Friar has publicly guided toward a 2027 listing, and the Public Benefit Corporation transition removes a structural blocker. The fat right tail in both rows reflects a real chance that abundant private capital removes the main motivation to list at all.

Published output: when Anthropic prices its IPO, when OpenAI's shares begin trading, and which happens first.

What will they be worth?

The same two companies, now in numeric mode: first-day public market cap in billions USD, with research backing each estimate.

Ask Claude:

Forecast the first-day public market cap (in billions USD) for Anthropic and
OpenAI when they IPO. Use a high-effort numeric forecast and return the full
percentile distribution. Anthropic raised \$30B at a \$380B valuation in early
2026; OpenAI raised at \$852B in March 2026. Reason about how the public market
will reprice these private valuations.

Claude calls FutureSearch's forecast MCP tool with two questions, one per company:

Tool: futuresearch_forecast
├─ forecast_type: "numeric"
├─ output_field: "market_cap"
├─ units: "billions USD"
├─ effort_level: "HIGH"
└─ input: 2 rows (Anthropic, OpenAI)

→ Submitted: 2 rows for forecasting.
  Task ID: 7af2...

Tool: futuresearch_progress
├─ task_id: "7af2..."
→ Running: 0/2 complete, 2 running (60s elapsed)

...

Tool: futuresearch_progress
→ Completed: 2/2 (0 failed) in 600s.

Tool: futuresearch_results
├─ task_id: "7af2..."
├─ output_path: "/Users/you/ipo_market_caps.csv"
→ Saved 2 rows with columns: market_cap_p10..p90, units, rationale.

Ask Claude:

Forecast the first-day public market cap (in billions USD) for Anthropic and OpenAI when they IPO. Use a high-effort numeric forecast and return the full percentile distribution. Anthropic raised $30B at a $380B valuation in early 2026; OpenAI raised at $852B in March 2026.

Results take about 10 minutes.

Go to futuresearch.ai/app and enter:

Forecast the first-day public market cap (in billions USD) for Anthropic and OpenAI when they IPO. Use a high-effort numeric forecast and return the full percentile distribution. Anthropic raised $30B at a $380B valuation in early 2026; OpenAI raised at $852B in March 2026.

Set forecast type to numeric and effort to high.

The SDK's forecast() with forecast_type="numeric" returns p10 through p90 percentiles for the requested field. effort_level="HIGH" increases accuracy at a higher per-row cost.

import asyncio
import pandas as pd
from futuresearch import create_session
from futuresearch.ops import forecast

valuation_questions = pd.DataFrame([
    {
        "company": "Anthropic",
        "question": "What will Anthropic's first-day public market cap be on its IPO?",
        "resolution_criteria": "First-day closing market cap in billions USD on the day Anthropic lists on a public exchange.",
        "background": "Anthropic raised \$30B at a \$380B valuation in early 2026, on roughly \$19B ARR. Engaged Wilson Sonsini in late 2025; talks with JPMorgan, Goldman, Morgan Stanley.",
    },
    {
        "company": "OpenAI",
        "question": "What will OpenAI's first-day public market cap be on its IPO?",
        "resolution_criteria": "First-day closing market cap in billions USD on the day OpenAI lists on a public exchange.",
        "background": "OpenAI raised at a \$852B valuation in March 2026. CFO Sarah Friar has guided toward a 2027 listing. Recently completed transition to a Public Benefit Corporation.",
    },
])

async def main():
    async with create_session(name="IPO Market Cap Forecasts") as session:
        result = await forecast(
            session=session,
            input=valuation_questions,
            forecast_type="numeric",
            output_field="market_cap",
            units="billions USD",
            effort_level="HIGH",
        )
        return result.data

results = asyncio.run(main())
print(results[["company", "market_cap_p10", "market_cap_p50", "market_cap_p90"]])

Output columns: market_cap_p10 through market_cap_p90 (float, monotonically non-decreasing), units (string), rationale (string).

Anthropic (median $560B, range ~$320B to $873B):

PercentileMarket cap (billions USD)
p10320
p50560
p90873

OpenAI (median ~$1.0T, with significant probability of coming in below the $852B private valuation):

PercentileMarket cap (billions USD)
p10540
p501,000
p901,650

Key takeaways from the rationales:

  • Anthropic's $380B private valuation priced it at roughly 20x $19B ARR. The downside scenario reflects an AI hype-cycle correction; the upside reflects agentic AI and safety positioning pushing ARR well above $25B.
  • OpenAI's wider band relative to its median reflects uncertainty about whether public markets will tolerate the $852B private mark. Demand tracks ChatGPT consumer sentiment more than ads, Sora, or enterprise/Codex revenue.
  • A first-day "pop" above the most recent private valuation is more plausible for Anthropic than for OpenAI, because OpenAI's private mark already reflects aggressive forward expectations.

Update. After Anthropic's $30B run-rate announcement, we re-ran the forecast. The median moved up about 15% to $643B, with the p90 climbing to $1.04T.

Published output: Anthropic's first-day market cap, OpenAI's first-day market cap, and Anthropic 90 days post-IPO.

Going deeper

  • Source article: Anthropic and OpenAI IPO timelines and valuations
  • Update after the $30B ARR announcement: How the $30B run rate boosted Anthropic's forecasted IPO valuation
  • Companion guide: Turn Claude into a forecaster
  • More published output: Published forecasts

Ready to try it yourself? Run it in the app →