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Inside OpenAI and Anthropic Finances Before IPOs

Source: wsj.com

TL;DR

WSJ examines internal financials of OpenAI and Anthropic before recent funding rounds as both eye end-of-year IPOs.
OpenAI projects $121 billion in 2028 computing costs, leading to $85 billion loss despite nearly doubling sales.[[1]](https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9?gaa_at=eafs&gaa_n=AWEtsqcaPgsimarZ5JfbVGhJJrlUOWbSMGxUELpZ2miwydVpUivYe_tiy4cZ&gaa_sig=4GCJlutDENT7AbZALwF_nIi6kEpjl7C_GomFzY3QHF5wuUlp8VkqMSFMa1yK_2Vqj5Z7dF9RtpC1Ve2fDp5tpw%3D%3D&gaa_ts=69d54d71)[[2]](https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9?mod=WTRN_pos2)
Soaring AI training expenses emerge as the main vulnerability for profitability in public markets.

The story at a glance

The Wall Street Journal reviewed confidential financial documents from OpenAI and Anthropic, shared ahead of earlier funding rounds, highlighting their rapid revenue growth alongside massive compute costs. OpenAI and Anthropic lead the AI race, with recent valuations at $852 billion and around $380 billion respectively, and both are preparing for potential IPOs by late 2026.[[3]](https://www.bloomberg.com/news/articles/2026-04-01/openai-demand-sinks-on-secondary-market-as-anthropic-runs-hot) This report comes now as bankers push for listings amid investor interest in their scale, though CFO concerns at OpenAI question 2026 readiness.[[4]](https://www.wheresyoured.at/openai-cfo-news)

Key points

OpenAI's projections run through 2030; Anthropic's through 2029, based on internal investor materials.[[5]](https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9?gaa_at=eafs&gaa_n=AWEtsqegco5IH0sL9S1tUd59Ih9HOnRYczr5oFUh5LOIfg9zwcaLJWSrEjhP&gaa_sig=FBjm0ktz4z10dQFnixMt34JPMquZ7b07toaON3m1zA4XCw_x7QoHrGzZ_FnLpmD6VXu0Ed6jhjv2YIcGHs7pOA%3D%3D&gaa_ts=69d54d6d)
OpenAI expects $121 billion on computing power in 2028 alone, with an $85 billion net loss after sales nearly double prior year—losses dwarfing any public company's history.[[1]](https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9?gaa_at=eafs&gaa_n=AWEtsqcaPgsimarZ5JfbVGhJJrlUOWbSMGxUELpZ2miwydVpUivYe_tiy4cZ&gaa_sig=4GCJlutDENT7AbZALwF_nIi6kEpjl7C_GomFzY3QHF5wuUlp8VkqMSFMa1yK_2Vqj5Z7dF9RtpC1Ve2fDp5tpw%3D%3D&gaa_ts=69d54d71)[[6]](https://techstrong.ai/articles/the-high-cost-of-intelligence-openai-anthropic-face-unprecedented-financial-hurdles-on-paths-to-ipos)
Both firms face surging training and inference costs as their core challenge; OpenAI excludes research spend for small pretax profit this year but not overall breakeven until 2030s.[[6]](https://techstrong.ai/articles/the-high-cost-of-intelligence-openai-anthropic-face-unprecedented-financial-hurdles-on-paths-to-ipos)
Anthropic forecasts training near $30 billion by 2028, with a faster path to profitability than OpenAI, backed by Amazon and Google.[[6]](https://techstrong.ai/articles/the-high-cost-of-intelligence-openai-anthropic-face-unprecedented-financial-hurdles-on-paths-to-ipos)
Revenue: OpenAI around $25 billion annualized; Anthropic grew from $1 billion early-year to $4 billion mid-year (older data), with recent reports claiming $30 billion surpassing OpenAI—though unconfirmed in WSJ specifics.[[7]](https://www.threads.com/@wsj/post/DWyUcPQlDia/taking-a-look-at-open-ai-and-anthropics-finances-ahead-of-their-ip-os)
Together, they plan nearly $65 billion in combined training/operation costs this year.[[8]](https://www.wsj.com/tech/ai/the-spiraling-cost-of-making-ai-0679bcea?gaa_at=eafs&gaa_n=AWEtsqdq__Zna7ZOgdgBG6-QmfZeTQYahiAzb2be_IESjB401j1fWQ2oceAx&gaa_sig=U2zdrmGRV5HzdthlnucsVdkf8aAl_YpCQpNadeK_AE7IIYZ1W3dhI_qQMRfrAUAtI6IZq5p_NhscLAoERnxjPQ%3D%3D&gaa_ts=69d54d72)

Details and context

The documents reveal AI's compute demands as an Achilles' heel: training new models requires vast resources, outpacing revenue growth for now. OpenAI relies heavily on consumer subscriptions, while Anthropic draws more from enterprise and cloud partners like Amazon, which counts those sales as revenue.[[5]](https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9?gaa_at=eafs&gaa_n=AWEtsqegco5IH0sL9S1tUd59Ih9HOnRYczr5oFUh5LOIfg9zwcaLJWSrEjhP&gaa_sig=FBjm0ktz4z10dQFnixMt34JPMquZ7b07toaON3m1zA4XCw_x7QoHrGzZ_FnLpmD6VXu0Ed6jhjv2YIcGHs7pOA%3D%3D&gaa_ts=69d54d6d)

Both use dual profitability metrics—one excluding training costs—to show operational strength atop models, but full inclusion shows deep losses. This mirrors broader AI economics, where chip shortages and data centers drive expenses; OpenAI's recent $122 billion raise at $852 billion valuation funds this push.[[9]](https://www.bloomberg.com/news/articles/2026-03-31/openai-valued-at-852-billion-after-completing-122-billion-round)

Anthropic appears leaner, projecting breakeven sooner, possibly by 2028 per prior reports. Secondary markets show hotter demand for Anthropic shares over OpenAI's amid valuation gaps.[[3]](https://www.bloomberg.com/news/articles/2026-04-01/openai-demand-sinks-on-secondary-market-as-anthropic-runs-hot)

Key quotes

None reliably sourced from the article itself.

Why it matters

Huge projected losses test whether public markets tolerate AI's capital intensity amid trillion-dollar valuations. Investors and consumers face bets on revenue catching compute costs, affecting stock viability post-IPO for everyday users and businesses relying on these models. Watch IPO timelines, Q2 2026 filings, and 2028 compute/revenue updates, as CFO doubts and rival growth could delay listings or shift momentum to Anthropic.