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[BREAKING] Anthropic vs. OpenAI, the Pre IPO Days

Anthropic's $30B close and OpenAI's $100B raise at $730B+ valuation signal imminent IPO race

The Ledger Signal | Alert

Feb 21, 2026·1 min read

Verified

Why This Matters

Why this matters: Pre-IPO valuations and revenue-share agreements will reshape financial reporting standards and unit economics for the largest AI companies entering public markets.

HEADLINE: Anthropic Closes $30B Funding Round as OpenAI Pursues $100B at $730B+ Valuation

LEAD: Anthropic has closed a $30 billion funding round as OpenAI moves toward closing its own $100 billion raise at a pre-money valuation between $730 billion and $850 billion, with Nvidia in discussions to invest up to $30 billion as part of the round, according to reporting published February 20, 2026.

BODY: The funding activity underscores intensifying competition between the two AI leaders ahead of anticipated public offerings. OpenAI's valuation is complicated by an existing agreement to pay Microsoft 20% of its revenue through 2032—a structural constraint that will shape the company's financial model as a public company.

Anthropic is projected to overtake OpenAI in annual recurring revenue sometime in late 2026, according to analysis from Epoch AI, citing the company's 10x revenue growth pace compared to OpenAI's 3.4x growth rate.

Both companies are expected to IPO near or above $1 trillion market capitalization, according to the source analysis.

WHAT'S NEXT: Watch for OpenAI's formal funding close announcement and any public disclosures about the Microsoft revenue-share agreement's impact on unit economics.

Originally Reported By

Ai-supremacy

ai-supremacy.com

Why We Covered This

CFOs must understand how pre-IPO valuations, revenue-share obligations, and growth rate differentials will impact financial statement presentation, cash flow forecasting, and investor disclosures for the largest AI companies entering public markets.

Key Takeaways

Anthropic has closed a $30 billion funding round as OpenAI moves toward closing its own $100 billion raise at a pre-money valuation between $730 billion and $850 billion

OpenAI's valuation is complicated by an existing agreement to pay Microsoft 20% of its revenue through 2032—a structural constraint that will shape the company's financial model as a public company

Anthropic is projected to overtake OpenAI in annual recurring revenue sometime in late 2026, according to analysis from Epoch AI, citing the company's 10x revenue growth pace compared to OpenAI's 3.4x growth rate

CompaniesAnthropicOpenAIMicrosoft(MSFT)Nvidia(NVDA)Epoch AI

Key Figures

$$30B fundingAnthropic funding round closed$$100B fundingOpenAI raise target$$730B-$850B valuationOpenAI pre-money valuation range$$30B investmentNvidia potential investment in OpenAI round%20% revenue_shareMicrosoft revenue share from OpenAI through 2032multiplier10x growth_rateAnthropic revenue growth pacemultiplier3.4x growth_rateOpenAI revenue growth pace$$1T valuationExpected IPO market capitalization for both companies

Key DatesPublication:2026-02-20Projection:2026-12-31Contract End:2032-12-31

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#AI #Funding #IPO #The Ledger Signal

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