OpenAI has informed its investors that the company's operating losses increased to $10.9 billion (€9.72bn) in the most recent quarter, rising from $10.1 billion (€9.01bn) in the previous period. Despite this growth in losses, documents reviewed by The Wall Street Journal indicate that the firm's adjusted operating margin showed improvement, moving from -150% in the prior quarter to -109%.
This financial disclosure arrives as investors maintain a high level of scrutiny over the fiscal health of major artificial intelligence companies. Among those in the spotlight is Anthropic, which is currently preparing for an initial public offering that could value the firm at approximately $1.4 trillion (€1.25trn). As one of the primary developers of AI models, Anthropic's upcoming stock market debut is being closely monitored as a barometer for the longevity of the AI spending boom that has been a significant driver of the US economy.
In a recent filing with the US Securities and Exchange Commission, Anthropic stated its intention to offer 825 million shares at a price point between $70 and $78 each (€62.44–€69.58). These shares are set to trade under the ticker symbol "ANT." The filing further detailed that seven major technology companies—including Google, Nvidia, AMD, and Microsoft—have committed to purchasing $26 billion (€23.2bn) of non-voting shares at the IPO price through a private placement. These entities are either existing investors in Anthropic or key suppliers of the computing power required for its models. While there had been earlier expectations that the company might raise as much as $100 billion (€89.2bn), which would have established a record for the largest IPO, the current figures reflect more moderate targets.
Art Hogan, chief market strategist at B. Riley Wealth Management, characterized the listing as "just another chapter" in the ongoing investor debate regarding the financing and costs associated with the AI infrastructure buildout. Hogan noted that investors have been focused on three major companies over the last three years: SpaceX, Anthropic, and potentially OpenAI in the coming year.
The market environment remains complex as Wall Street processes the results of the US midterm elections. Democrats, who have expressed more caution regarding AI, secured control of both chambers of Congress and have committed to challenging the agenda of President Donald Trump. This political shift has introduced volatility to shares of companies tied to the AI sector, with chip-maker Nvidia receiving particular attention following a spy scandal involving its chief executive, Jensen Huang.
