OpenAI and Anthropic are both gearing up for initial public offerings (IPOs), with a combined valuation potentially reaching $2 trillion. Among domestic companies, SK Telecom and LG CNS are expected to directly benefit from the anticipated rise in corporate value following these IPOs.
According to Yuanta Securities on May 28, Anthropic's post-IPO valuation is estimated to be as high as $1 trillion. The 0.3% stake held by SK Telecom could be valued at approximately 3.5 trillion won. After investing 130 billion won in Anthropic in August 2023, SK Telecom is poised to realize a return of about 26.9 times its investment in just over three years. LG CNS is also expected to benefit from the increase in asset value due to its indirect investment through LG Technology Ventures, a Silicon Valley venture capital firm, although the exact investment amount remains undisclosed.
In the tech industry, OpenAI submitted a confidential S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on May 22. Goldman Sachs and Morgan Stanley are serving as underwriters, with a target IPO date set for September and a valuation exceeding $1 trillion. Anthropic aims for an October listing and has appointed law firm Wilson Sonsini while negotiating with underwriters Goldman Sachs, JPMorgan, and Morgan Stanley.
However, evaluations of both companies vary. Concerns about OpenAI's financial structure are significant. The company reported revenues of $13.1 billion in 2025 while incurring losses of approximately $22 billion. This year's projected losses alone could reach $14 billion, with contractual liabilities estimated at $14 trillion. HSBC analysts suggest that OpenAI may need to raise an additional $207 billion by 2030, casting doubt on its ability to achieve profitability by that year.
In contrast, market outlooks for the newer entrant Anthropic are generally positive. According to Counterpoint Research, Anthropic captured a 31.4% share of the global large language model (LLM) revenue in the first quarter of this year, surpassing OpenAI's 29% for the first time.
Investment banking analysts predict that Anthropic will achieve its first-ever quarterly operating profit in the second quarter of this year, with revenues projected at $10.9 billion. The expected breakeven point is anticipated in 2028, two years earlier than OpenAI's 2030 target. Anthropic's current valuation stands at around $900 billion based on ongoing funding rounds, and demand for its shares in the secondary market has already surpassed that of OpenAI.
* This article has been translated by AI.
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