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Before we get into today’s column, some breaking news: Stripe is in talks to buy OpenRouter for about $10 billion. The news follows our report Friday that the $1.3 billion-valuation startup, which helps companies choose the best and cheapest AI models, was the target of takeover interest. Databricks was also in early discussions to buy the startup, we reported today. For more on why Stripe can make big acquisitions, read our exclusive reporting on its financials here.
Mutual funds and other large investors considering buying into Anthropic’s initial public offering are slated to meet with the AI company over the next several days. Along with Anthropic’s plans to secure compute and the rise of Chinese models, big investors are likely to have questions about the structure of the IPO—including when shareholders can sell.
The potential for Anthropic to dump the typical IPO playbook was raised in a scoop by Cory earlier today. Anthropic is considering requiring rank-and-file employees—rather than just top executives—to sell stock through rigid trading schedules.
It’s not just the investors who will be closely following Anthropic’s IPO moves. Startups are keeping an eye on the listing, which could happen as soon as September, as they consider their own public plans. No one wants to compete with Anthropic for investors’ attention. But if it goes well, it could unlock a wave of IPOs from other tech startups, particularly those riding the groundswell of consumer and business interest in AI—as well as others that argue they’re immune from AI-generated volatility.
As Kevin and I reported today, AlphaSense, a startup backed by big hedge funds and banks, is now working with advisors for an IPO that could come in the coming months.
AlphaSense could try to woo public market investors as the introduction of AI features has stoked recent growth. Its annual recurring revenue rose 40% over the last year to $700 million, we reported. If it can keep that momentum—and show profits—it could dismantle lingering investor concerns that OpenAI and Anthropic will trammel AI apps in verticals like finance and law.
Other IPOs could also try to ride Anthropic’s tailwinds, our recently updated Tech IPO Tracker shows.
Some of these have already filed confidentially with the Securities and Exchange Commission, but they put those plans on hold amid market gyrations earlier this year. These include chat app Discord, which made its confidential filing in December, as well as fitness app Strava. Both could make the case that, unlike software stocks, their consumer businesses won’t get replaced with AI.
Others have been taking steps towards a listing but haven’t disclosed a filing. Design app Canva is preparing for a listing in 2027, The Information previously reported. E-commerce startup Faire is working with an IPO advisory firm and has been talking to lawyers about an IPO, according to people familiar with the matter.
Others to watch for as early as next year include Ramp, the $44 billion-valuation corporate card and expense management startup; Vercel, a provider of web hosting and app development valued in September at $9.3 billion, and Vast Data, the Nvidia-backed data storage startup we profiled last year.
Then, there’s also prediction market startup Kalshi, which has held informal IPO conversations with investment banks. The company is unlikely to list until late next year or 2028.
Some startups that could tap into investors’ growing interest in using AI in physical devices. These include Verkada, which makes security cameras and accompanying software. It recently got an Nvidia investment and CEO Filip Kaliszan told my colleague Phoebe earlier this month that it’s growing 30% annually. It’s been talking to investment banks about a potential IPO.
Today on TITV
Check out today's episode of TITV in which we discuss our scoop on the government looking into Moonshot AI's American chip use.
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