KEY POINTS
- OpenAI has filed confidentially for a stock market float that could value it at up to US$1 trillion, just days after rival Anthropic filed too.
- Both filings are confidential, so the real revenue and profit numbers stay hidden until a public prospectus comes out later.
- You cannot buy these companies yet, but ASX names like Weebit Nano (ASX:WBT), Archer Materials (ASX:AXE) and BrainChip (ASX:BRN), plus AI and chip ETFs, offer AI exposure today.
- Valuations have run well ahead of proven earnings, so a careful, measured approach beats chasing the hype.
OpenAI, the company behind ChatGPT, has quietly filed paperwork for a stock market float that could value it at up to US$1 trillion. The move, confirmed this week, comes just days after rival AI lab Anthropic lodged its own listing paperwork on 1 June, at a private valuation that has actually edged ahead of OpenAI’s. Reports point to a listing in late 2026, possibly slipping into 2027, and OpenAI itself says it has not locked in a size or date, hinting it may stay private a while longer. For Australian investors watching the AI boom from the sidelines, the question is simple: how do you actually get a piece of this, and is it worth chasing at these prices?
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The Catch: These Are Confidential Filings, So the Real Numbers Stay Hidden
Here is the part many headlines will skip. Both OpenAI and Anthropic filed confidentially. Simply, that means they have started the process with the US regulator, but the detailed financials, things like actual revenue, profit and costs, stay private until they release a public prospectus later on.
So while you will see eye-watering valuations thrown around, up to US$1 trillion for OpenAI and a recent US$965 billion private valuation for Anthropic, nobody outside these companies has seen the audited numbers behind them yet. Those only become public shortly before any listing.
That matters because the price tags rest on private deals and forecasts, not disclosed earnings. Until the full books are open, treat the trillion-dollar label as an ambition, not a proven value.
How Australian Investors Can Get AI Exposure Today
You cannot buy OpenAI or Anthropic shares yet, and even when you can, they will list in the US. But you do not have to wait to invest in the AI theme.
On the ASX, a handful of small, deep-tech names give local exposure to the AI hardware story. Weebit Nano (ASX:WBT) is developing next-generation memory chips suited to AI devices. Archer Materials (ASX:AXE) is building advanced semiconductor and quantum chip technology. BrainChip (ASX:BRN) designs brain-inspired AI chips that run on very low power. All three are early-stage and speculative, so they carry high risk alongside their potential.
For exposure to the proven global winners, like the chipmakers powering AI, many investors use exchange-traded funds (ETFs). ASX-listed options such as the Betashares Global Robotics and Artificial Intelligence ETF (ASX:RBTZ) or a global semiconductor ETF spread your money across dozens of companies, which lowers the risk of any single stock.
The Investor’s Takeaway
The AI listing wave is real, and it is a genuine chance for everyday investors to eventually own these businesses. But valuations have run a long way ahead of what these companies have actually proven on paper.
In our view, the sensible approach is to build exposure in measured steps rather than betting big on hype. ETFs offer a lower-risk way to ride the theme, while the ASX deep-tech names are best treated as small, high-risk slices of a portfolio. And with OpenAI and Anthropic, the smart move is to wait for the public prospectus and real numbers before deciding what they are truly worth.
