This Is why they are doing IPO

* Anthropic Dethrones OpenAI in Private Markets: Backed by a massive $65 billion Series H round led by firms like Altimeter and Sequoia, Anthropic's valuation hit $965 billion, eclipsing OpenAI's most recent private valuation of $852 billion. This growth is heavily driven by enterprise software adoption like Claude Code. * The Walmart Disconnect: Walmart generates nearly 15 times the annual revenue of Anthropic, yet it is valued roughly the same or slightly lower by the market. This phenomenon stems from how the market values software vs. physical assets. Walmart operates on physical goods and low margins, while AI startups command tech multipliers based on projections of continuous cost reductions and global enterprise scale. * The Impending IPO Race: Both Anthropic and OpenAI have confidentially filed for Initial Public Offerings (IPOs). This move will soon force both companies to fully reveal their audited margins and test if public market investors are willing to support trillion-dollar valuations for companies that are still burning massive amounts of capital on infrastructure.