ChatIPO: Quick take on OpenAI’s record-breaking IPO plans.

Deutsche Bank

Adrian Cox

Research

4 Pages

Deutsche Bank looks at OpenAI’s potential IPO as a test of public market appetite for pure play AI exposure. A proposed $60bn raise could value OpenAI above $1trn, while rival Anthropic is reportedly pushing toward $40bn in annual recurring revenue.

Key Takeaways

IPO Scale Matters: A $60bn OpenAI IPO would be more than double Saudi Aramco’s $25.6bn raise from 2019.
Valuation Scrutiny Ahead: A $1trn valuation would place OpenAI 14th globally, despite reported annualised revenue of $30bn and no profit yet.
Market Capacity Exists: US equities are worth about $70trn, roughly 5 times larger than during the late 1990s dot com peak.
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