As global super-large AI corporations leading the artificial intelligence (AI) industry show interest in initial public offerings (IPOs), a substantial movement towards public offerings is expected as early as next year. OpenAI has changed its corporate structure to that of a public corporation (PBC) to enable an IPO, and both Anthropic and Mistral are increasing their corporate value and fundraising, raising market interest in the possibility of an IPO. However, there are concerns that, as a stable revenue model has not yet been established, the pressure of quarterly earnings obligations and regulatory burdens may be difficult to endure after going public. Additionally, the increasing societal impact of AI services and the growing regulatory intensity from various governments could act as obstacles to pursuing IPOs.
According to the industry on the 30th, the corporation most specifically mentioned regarding IPO prospects is OpenAI. As of the first quarter of this year, it has been recognized with a corporate value of approximately $300 billion (about 414 trillion won), leading the AI market. There are expectations in the market that OpenAI may go public in 2026. Currently, OpenAI operates as a public corporation (Public Benefit Corporation, PBC) dominated by a nonprofit foundation (OpenAI Nonprofit). This structure allows for external fundraising while legally prioritizing public interest over corporate profit.
Although the management of the PBC is entrusted to a separate board of directors, the authority to form the board lies with the nonprofit foundation. Therefore, even if an IPO takes place, management rights will still remain with the foundation. Unlike typical public corporations, even if investors acquire equity, they find it difficult to exert direct influence over management. Sam Altman, CEO of OpenAI, is merely the chief officer under the PBC structure and holds neither equity nor voting rights. He has a history of being abruptly dismissed by the board appointed by the foundation in November 2023 and then returning due to pushback from employees and investors.
Microsoft (MS) is currently the largest investor in OpenAI, having invested a total of $13.75 billion (about 18.9 trillion won), securing around 30% equity. According to a Bloomberg report, OpenAI and MS are currently negotiating ways for MS to maintain exclusive access even after the recent development of artificial general intelligence (AGI). This suggests that even if an IPO is carried out, MS's influence over OpenAI's management may significantly persist.
Anthropic is also showing signs of an IPO as it raised its corporate value to $60 billion (about 82.9 trillion won) as recently as March this year. Anthropic has secured a total of $11 billion (about 15.2 trillion won) in investments, including $8 billion (about 11.5 trillion won) from Amazon and $3 billion (about 4.15 trillion won) from Google.
The European representative AI corporation Mistral has also publicly mentioned the possibility of an IPO earlier this year. At the Davos Forum in January, Arthur Mensch, CEO of Mistral, stated, "We have no plans to sell the company, and an IPO is planned for some time in the future." Mistral was valued at €5.8 billion (about 7.8 trillion won) after attracting an investment of €468 million (about 630 billion won) in June of last year. Although its size is smaller compared to OpenAI or Anthropic, it is considered a noteworthy company.
Recent market sentiment is also positively influencing IPO pursuits. With growing expectations around super-large AI technologies, investor optimism regarding the listings of leading AI corporations is rising. In fact, the total investment poured into U.S. AI startups in the first quarter of this year reached $91.5 billion (about 126.4 trillion won), with OpenAI and Anthropic alone drawing in $44.5 billion (about 61.5 trillion won). As competition in AI technology intensifies, the market is observed to be moving toward large-scale fundraising through IPOs.
However, some in the industry express skepticism that these corporations, despite their high corporate value, will carefully weigh the timing of their IPOs due to the rapidly changing AI industry environment and regulatory risks. After an IPO, they will face greater constraints on corporate operations, including quarterly earnings disclosure obligations, short-term profitability pressures, and disclosure regulations. Notably, the AI industry is characterized by rapid technological changes, making stable management as a publicly traded company difficult. In the case of OpenAI, it has faced external risks, including copyright lawsuits with media companies and legal disputes with its co-founder Elon Musk, CEO of Tesla.
Sarah Friar, CFO of OpenAI, noted at the Dublin Tech Summit on May 28, "We are in a position to enable an IPO through the PBC structure, but if the market is not ready, the timing of the public offering will necessarily be fluid," expressing a cautious stance.