The Next Wave of Technology and AI IPOs

Three companies are drawing considerable attention as potential additions to the stock market: OpenAI, Anthropic and Databricks. Each offers a different way to participate in the growth of artificial intelligence, but any investment decision will depend on the price, the business’s financial strength and how it fits your plan.

An initial public offering, or IPO, is a company’s first public offering of shares. It can give investors access to a business that previously raised money privately, although buying after trading begins may mean paying more or less than the original offering price.

(1) Timing reflects Kiplinger’s September 18, 2026 snapshot and remains tentative. Valuations reflect the dated private funding rounds, not final IPO pricing or today’s market value.

OpenAI and Anthropic are the companies behind ChatGPT and Claude. Their funding shows the scale of the race: OpenAI announced $122 billion in committed capital in March, and Anthropic raised $65 billion in May. Those resources support further development and the computing capacity their products require.

Databricks helps businesses organize their information and put AI to work. In February, it reported revenue growing more than 65% year over year and positive free cash flow over the preceding 12 months. That gives investors another business model to evaluate within the AI industry.

Our view is that these are businesses worth following, but an exciting product doesn’t automatically translate into an attractive investment. A high valuation can already assume years of rapid growth. We need to understand how a company earns money, what it spends to grow, and whether the price leaves room for setbacks.

Patience matters around an IPO. Shares can move sharply in early trading, and individual investors may not receive shares at the initial offering price. Reviewing the company’s financial disclosures and allowing a public track record to develop can help us make a more informed decision.

Our focus remains on building a portfolio that supports your goals. These potential IPOs may offer opportunities, but any position should earn its place alongside your existing investments and fit your time horizon and comfort with risk. Reach out to your advisor if you would like to discuss these IPOs further.