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Both Anthropic and OpenAI have now filed confidential S-1 registration statements with the SEC — Anthropic on June 1 and OpenAI on June 8, 2026. [8][9][19] OpenAI confirmed the filing but stated no timeline is set and it "may be a while" before an offering. [11] S&P Dow Jones Indices rejected rule changes on June 4 that would have fast-tracked these companies into the S&P 500, maintaining its GAAP profitability requirement. [1][2] SpaceX's IPO — targeting roughly $1.75 trillion — is expected around June 12. [15] Perplexity, a smaller rival, says it plans a 2028 IPO regardless of how the earlier offerings trade. [16]

Both leading frontier AI companies have now formally entered the public-market process within eight days of each other, setting up the first direct tests of how investors value frontier AI at near-trillion-dollar scale. Neither meets the S&P 500's profitability standard, so roughly $30 trillion in passive index funds cannot automatically buy either company until they demonstrate sustained GAAP earnings — a bar that may take years to reach. [1][5]

S&P Dow Jones Indices announced on June 4, 2026 that it would not change its S&P 500 eligibility rules, rejecting proposals that would have waived the profitability requirement and shortened the seasoning window for newly listed companies. [1][2] The proposals had drawn criticism because SpaceX — preparing an IPO at roughly $1.75 trillion — does not meet the existing requirement of positive GAAP earnings in the most recent quarter and cumulatively over the prior four quarters. [3][4] Passive-investor advocates argued the proposed changes would coerce roughly $30 trillion in retirement funds into speculative IPO exposure. [5] Fortune's analysis adds that S&P exclusion is not a complete protection, since 401(k) plans can still hold SpaceX through non-index vehicles. [6] Nasdaq reportedly shortened its seasoning window to 15 days and Russell/FTSE to five days, leaving unresolved whether those smaller-scale inclusions offer a meaningful substitute for S&P 500 passive-fund buying. [7]

Anthropic filed the first formal IPO move among leading AI companies: a confidential S-1 submitted to the SEC on June 1, disclosing a $965 billion post-money valuation from its $65 billion Series H and annualized revenues tracking toward $45 billion. [8] No pricing or share count has been set. Within a week, on June 8, OpenAI filed its own confidential S-1, confirming reports that Goldman Sachs and Morgan Stanley were advising on a public offering. [9][10] OpenAI stated publicly that no timeline is fixed and that an actual offering "may be a while" away. [11] Sam Altman had said earlier that OpenAI was not adjusting its plans in response to Anthropic's filing, though the two submissions arrived eight days apart. [12] Separately, OpenAI is reported to be preparing the largest ChatGPT redesign in the product's history — targeting transformation into a superapp covering coding, AI agents, image generation, and business software — timed to precede the offering. [13]

SpaceX's S-1, ahead of an IPO expected around June 12, reportedly disclosed a compute arrangement with Anthropic and Google totaling roughly $26 billion per year for access to its Colossus infrastructure. [14][15] That figure bears directly on Anthropic's cost structure and its timeline to GAAP profitability. Perplexity CEO Aravind Srinivas offered a different posture: the company plans a 2028 IPO and will not accelerate based on how Anthropic, OpenAI, or SpaceX perform in public markets. Srinivas argued the next phase of AI development will favor compute efficiency over raw scale, framing Perplexity's strategy as distinct from the frontier labs. [16]

Polymarket contracts as of June 9 put the odds of an OpenAI IPO completing by December 31, 2026 at 71%. [17] None of the three leading AI companies currently meets the S&P 500's profitability requirement, meaning all will need to demonstrate sustained GAAP earnings before qualifying for index inclusion — a process that, under current rules, takes at least 12 months post-listing. [1][18]