The largest financial operations in history, linked to major artificial intelligence (AI) companies such as Anthropic, OpenAI, and SpaceX, have encountered an obstacle originating from their own leaders. Anthropic’s founder and CEO, Dario Amodei, sparked a controversial debate this weekend by calling for a slowdown in AI development processes due to risks to the human race.
His views were largely supported shortly after by his major rivals, Sam Altman, CEO of OpenAI, and Elon Musk, head of SpaceX, as well as top executives from companies like Microsoft and Alphabet, Google’s parent company. With their various warnings, countered from China, tech executives have spread concern about the power of advanced AI models, which has reached a broader audience as more researchers warn about security risks and even possible threats of human extinction.
This debate has already caused a sharp stock market punishment for companies linked to the AI sector, which has revolutionized the business landscape with historic investments. In fact, AI infrastructure investments alone could exceed $800 billion this year. Among them stands out SoftBank, one of OpenAI’s main investors, whose shares plunged as much as 13% this Monday on the Japanese stock exchange. AI chip companies like Hynix, Samsung, and the Japanese Kioxia Holdings also recorded declines between 5% and 6%. The Nasdaq is heading for a week-start decline, with sharp drops in groups like SpaceX and Nvidia.
Doubts focus on what will happen with the multibillion-dollar IPOs of Anthropic and OpenAI, highly anticipated by the financial community, both by investors hoping to enter and those seeking liquidity after contributions made in recent funding rounds of both start-ups, also the largest in history: $122 billion (almost €106 billion) for OpenAI and $65 billion for Anthropic.
For now, Anthropic continues working on the process. Amodei’s company, which has already caused severe shocks in the software and cybersecurity industry in recent months, has selected Nasdaq for its upcoming IPO, according to various specialized media published this Sunday. With the operation, the start-up aims to lead the largest IPO in history, surpassing SpaceX, with a fundraising target of $100 billion and a valuation of two trillion.
In this scenario, Anthropic, valued at $965 billion in its last funding round during the first half of the year, confidentially filed its IPO prospectus in June, and its shares were expected to trade next month. Specialized press has pointed to a listing in mid or late October, with the final prospectus published at the end of September.
The transaction is led by Morgan Stanley and Goldman Sachs, while Citigroup and JP Morgan will have a prominent role. Additionally, within the process, Nvidia is in advanced negotiations to act as an anchor investor in the IPO, with an injection of up to $10 billion.
Anthropic, which already counts Alphabet and Amazon among its main shareholders, is also defending its financial health and the evolution of its activities. According to Financial Times, the start-up has informed its main investors that it will report positive adjusted operating profits for the second consecutive quarter.
More doubts with OpenAI
In OpenAI’s IPO, which was valued at $865 billion in its last funding round, closed in spring, there are perhaps more doubts. Altman’s company, which also confidentially filed for its IPO with the US Securities and Exchange Commission (SEC) before summer, is aiming for a listing in 2027, with a valuation exceeding one trillion dollars.
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Its investors have a multibillion-dollar bet. SoftBank is about to close a loan of $11.87 billion to support its investment in OpenAI, above the initial target of $10 billion. The start-ups involved have also secured large bank loans.
Anthropic is finalizing the extension of its pre-IPO revolving credit line to $15 billion, with entities such as Morgan Stanley, Goldman Sachs, JP Morgan, and Citigroup; compared to the initial target of $10 billion and far exceeding the $2.5 billion line obtained the previous year.
Meanwhile, OpenAI signed in March with an international banking syndicate a $4.7 billion revolving credit line, alongside its funding round with JP Morgan, Citi, Goldman Sachs, Morgan Stanley, Wells Fargo, Mizuho, Royal Bank of Canada, UBS, HSBC, and Santander, among others.
SpaceX, a few days before its IPO, so far the largest in history by raising $86 billion and reaching a valuation close to two trillion, carried out a $25 billion debt issuance amid financial euphoria.
But corporate activity around AI continues in various fields worldwide. If SpaceX closed this summer the acquisition of Cursor for $60 billion to strengthen competition against OpenAI and Anthropic, Nvidia has just completed the purchase of AI company Hugging Face, in a transaction valued at $13 billion.
ByteDance, TikTok’s parent company, has signed an unsecured syndicated loan of $29.6 billion, managed by nearly 30 banks, with Citigroup and JP Morgan as coordinators, in the second-largest US dollar loan in Asia in 2026, only surpassed by the $40 billion SoftBank signed earlier this year.
In the data center segment, currently involved in widespread controversy worldwide due to their impact on natural resources and energy needs, investors continue to maintain their bet. US President Donald Trump has called AI data centers “the oil of the next 50 years,” assuring that their construction will generate wealth in the country. In this regard, the Singapore-based data center company Firmus Technologies plans an IPO on the Australian Stock Exchange that could raise up to $5 billion to accelerate its growth.
In short, AI uncertainty has quickly spread to the financial industry which, with this technological revolution, is shaping the largest concentration of funds in history. Anthropic’s IPO will be the next barometer of this possible new impending earthquake.
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