Anthropic vs OpenAI Pre-IPO Stock: Which AI Investment Looks Better?

Interest in pre-IPO stocks has surged across crypto markets, with Anthropic and OpenAI emerging as two of the most closely watched AI investment opportunities. The trend gained momentum after the SpaceX IPO frenzy generated billions in perpetual futures trading volume, pushing demand for private-company exposure to new highs.

According to CryptoQuant data, pre-IPO perpetual futures volumes climbed to $12 billion in June 2026, compared to just $2 million in March. Binance dominates the market, accounting for 83% of total trading activity and over $10 billion in volume.

Anthropic has attracted significant attention after confidentially filing for an IPO with the SEC on June 1. The company recently disclosed a valuation of $952 billion and is expected to generate approximately $10.9 billion in quarterly revenue, with operating profit projected at $559 million. Investor confidence has also been boosted by expanding partnerships with the U.S. government, including AI security initiatives.

However, risks remain. Government involvement in Anthropic’s operations has raised concerns after authorities reportedly influenced product decisions, creating uncertainty around future innovation and regulatory oversight.

OpenAI has also filed confidentially for an IPO but stated that it is not rushing to become a public company. The ChatGPT developer reported a valuation of $852 billion and revealed monthly revenue of roughly $2 billion. Analysts expect future growth from advertising products, with forecasts suggesting billions in additional revenue over the coming years.

Despite its strong financial outlook, OpenAI faces legal challenges, including lawsuits related to AI safety concerns. These issues could create uncertainty for investors ahead of any public listing.

From a market perspective, OpenAI’s pre-IPO contract has shown stronger short-term momentum, while Anthropic’s price action remains relatively stable. Nevertheless, Anthropic appears to have the stronger long-term investment case due to its clearer IPO timeline, higher valuation, profitability projections, and growing government adoption.

For investors seeking exposure to the rapidly expanding artificial intelligence sector, both companies offer compelling opportunities. However, Anthropic currently stands out as the more attractive pre-IPO stock thanks to its potential first-mover advantage and strong revenue growth outlook.