Global generative artificial intelligence (AI) leaders OpenAI, Anthropic, and Google are projected to secure a total of 1 trillion won (approximately $750 billion) in funding by the end of the year. This trend reflects a growing "black hole" phenomenon in global capital markets, where liquidity is increasingly funneled into a select few AI companies.
According to investment banking sources on June 11, the combined initial public offerings (IPOs) of OpenAI and Anthropic, expected this fall, could reach as high as $150 billion (about 229 trillion won). Anthropic raised $65 billion (approximately 99.2 trillion won) in a single round in April through private markets.
Market analysts anticipate that the IPO sizes for both companies will at least match these figures. Upon going public, both firms are expected to surpass a valuation of $1 trillion (around 1,525.7 trillion won), marking a historic competition for the title of the first "trillion-dollar AI startup."
Even before their IPOs, the financial backing for both companies is substantial. OpenAI has raised a total of $180 billion (approximately 274.6 trillion won) across 15 funding rounds since its inception. In its Series G round, which closed in March, it secured $122 billion (about 186.1 trillion won) from investors including SoftBank and Andreessen Horowitz (a16z), the largest amount in U.S. venture capital history. Anthropic's total funding has reached $132 billion (approximately 201.4 trillion won), with strategic investments from major semiconductor firms like Samsung Electronics, SK Hynix, and Micron in its Series H round in April.
Alphabet, Google's parent company, is also heavily investing in both internal and external funding. Its capital expenditures are projected to be between $175 billion and $185 billion (approximately 267 trillion to 282.3 trillion won), double the amount spent last year ($91.4 billion). Most of this investment will enhance Google DeepMind's AI computing capabilities and expand cloud data centers. Additionally, on June 1, Alphabet announced plans to raise up to $80 billion (about 122.6 trillion won) through a share issuance involving Warren Buffett's Berkshire Hathaway.
When combined, the total funding directed toward these three AI giants is estimated at around $640 billion (approximately 980 trillion won). Considering the amounts Google plans to raise through its share issuance, surpassing 1 trillion won by year-end seems likely. This concentration of funds represents 1.5 times the South Korean government's budget (approximately 680 trillion won) being funneled into just three companies.
Wall Street interprets this simultaneous IPO activity as a "liquidity grab race." If OpenAI and Anthropic absorb around 200 trillion won in the public market, it could reshape the global investment landscape. U.S. investment bank D.A. Davidson described this concurrent IPO as a "race to go public before capital runs out," indicating a competitive environment among AI companies for limited market liquidity.
Concerns about a potential bubble are growing. OpenAI is expected to continue operating at a loss until 2029, yet its valuation has skyrocketed from $28 billion (approximately 42.7 trillion won) to around $1 trillion in just three years. The pace at which it is consuming funds is also projected to be the fastest among publicly listed companies. This has sparked debate over whether investments in AI infrastructure are justified or if they represent a financial black hole.
As global capital increasingly concentrates on the AI giants, domestic AI companies in South Korea may face greater challenges in securing funding. Companies like Rebellion, FuriosaAI, and Upstage are raising amounts that are merely a fraction—1/1000th—of what the global giants are securing. If the trend of one-way capital flow toward U.S. AI firms continues, there are growing fears that South Korea could become a "consumer nation" in AI technology.
* This article has been translated by AI.
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