Will OpenAI Go Public? One VC Says ‘Not Really Sure They Mean It’ But Bets On ‘Blockbuster’ Anthropic Listing

• Anthropic’s Q3 revenue climbed to $16.8 billion, up from $11.6 billion in the previous quarter.
• Microsoft, Amazon, Alphabet, Oracle, neocloud providers and chipmakers have significant exposure to AI infrastructure spending.
• Hotter-than-expected U.S. inflation and concerns about AI valuations fueled a sharp selloff in semiconductor stocks.

A venture capitalist has questioned whether OpenAI is serious about going public while signaling confidence in a "blockbuster" listing from rival Anthropic as investors debate the health of the AI labs powering gains in the public tech markets.

Michael Fertik of Verdict Capital expressed doubts about OpenAI’s listing plans in a CNBC interview, arguing that Anthropic could help fill the gap if its rival stays private.

“Anthropic is going to be a blockbuster that might cover some of the potential gaps from an OpenAI non-IPO … we’re not really clear whether OpenAI will ever IPO,” Fertik said.

“I think I’m not really sure they mean it,” he said about OpenAI’s IPO plans. “Every time they leak some numbers or show a little bit of ankle, it just doesn’t seem all that beautiful, does it? And the losses seem to be messy.”

The comments come as investors scrutinize the financial performance of AI companies whose spending plans have become increasingly important to the broader technology market.

Anthropic Reveals Q3 Financials

Anthropic reportedly disclosed its third-quarter financials to prospective investors on Wednesday as it prepares for a potential IPO that could value the company at around $2 trillion.

The Claude maker reported $16.8 billion in third-quarter revenue, up from $11.6 billion in the second quarter and $4.7 billion in the first, according to a Bloomberg report. 

Anthropic generated positive free cash flow, an adjusted gross margin of 85%, and an adjusted operating margin of over 11% as of the third quarter, according to the report.

CNBC’s Jim Cramer said Anthropic’s latest performance appeared to contribute to the sharp selloff in tech stocks on Wednesday. “Disappointing–to some–Anthropic numbers laying on the Nasdaq tonight,” he wrote on X.

The Nasdaq declined about 1.9%, and the iShares Semiconductor ETF (SOXX) fell 8.7%, driven by a mix of a hotter-than-expected U.S. inflation reading and renewed concerns over lofty AI valuations and AI infrastructure spending.

“The absolute best thing about this story is that boosters are furious Anthropic didn’t give a new magical made-up run rate number,” EZ Primary Research CEO and AI critic Ed Zitron wrote in an X post, referring to a $20 billion discrepancy in OpenAI’s annualized sales stemming from differences in how cloud-partner sales are counted.

Chip, Cloud Companies’ Close Ties To OpenAI  

The financial disclosures from Anthropic and OpenAI matter beyond the private AI sector. 

Microsoft (MSFT) has deep ties to OpenAI through its investment and cloud partnership, while Amazon (AMZN) and Alphabet (GOOGL) have invested in Anthropic and provide it with computing infrastructure. 

Oracle (ORCL), neocloud providers such as CoreWeave (CRWV) and Nebius (NBIS), and chipmakers including Nvidia (NVDA) and AMD (AMD) are also exposed to AI spending.

As of early Thursday, retail sentiment on Stocktwits was ‘bullish’ for Anthropic and ‘bearish’ for OpenAI. The latest private market valuations stood at $1.35 trillion and $986.6 billion respectively.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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