The Startups Angling to Go Public After Anthropic

Before we get into today’s column, some breaking news: Stripe is in talks to buy OpenRouter for about $10 billion. The news follows our report Friday that the $1.3 billion-valuation startup, which helps companies choose the best and cheapest AI models, was the target of takeover interest. Databricks was also in early discussions to buy the startup, we reported today. For more on why Stripe can make big acquisitions, read our exclusive reporting on its financials here. 

Mutual funds and other large investors considering buying into Anthropic’s initial public offering are slated to meet with the AI company over the next several days. Along with Anthropic’s plans to secure compute and the rise of Chinese models, big investors are likely to have questions about the structure of the IPO—including when shareholders can sell. 

The potential for Anthropic to dump the typical IPO playbook was raised in a scoop by Cory earlier today. Anthropic is considering requiring rank-and-file employees—rather than just top executives—to sell stock through rigid trading schedules. 

It’s not just the investors who will be closely following Anthropic’s IPO moves. Startups are keeping an eye on the listing, which could happen as soon as September, as they consider their own public plans. No one wants to compete with Anthropic for investors’ attention. But if it goes well, it could unlock a wave of IPOs from other tech startups, particularly those riding the groundswell of consumer and business interest in AI—as well as others that argue they’re immune from AI-generated volatility.