OpenAI and Anthropic IPO roads get bumpier amid AI stock slump
This was supposed to be the year of the mega-IPOs, with SpaceX setting the stage for Anthropic and OpenAI.
Friday, July 3, 2026
OpenAI and Anthropic IPO roads get bumpier amid AI stock slump — Friday, July 3, 2026
OpenAI explores 5% US gov stake; NVIDIA unveils revenue-share AI factory model; Etched raises $800M for inference-only chip; IPO paths for OpenAI/Anthropic face new hurdles. No recent credible news matching the specified companies, topics, and keywords was found in the last 24–48 hours.
Biggest developments
OpenAI in early talks to give 5% stake to US government
OpenAI held preliminary talks with the Trump Administration about a government stake in the company.
Etched raises $800M at $5B valuation for Sohu inference chip
Etched out of stealth with $800M, $5B valuation, $1B+ contracts; claims 20x throughput over H100s for transformers.
Baseten raises $1.5B for inference infrastructure handling 1B+ calls/day
$2.3B dropped this week on making AI cheap to run; Qualcomm shifts strategy to inference.
NVIDIA unlocks AI compute at scale via revenue-sharing partnerships
NVIDIA partnering with AI clouds to deploy large-scale, multi-tenant AI factories through revenue-sharing and credit-support.
Important posts & threads
NVIDIA now the bank: trade startup revenue for GPUs
Nvidia is now the bank, the landlord, and the shareholder. Trade your startup revenue for GPUs. No upfront cash, no dilution.
Bullish takes
- NVIDIA revenue-share model accelerates AI factory deployment without upfront capital barriers.
- Specialized inference chips like Etched Sohu promise 20x efficiency gains over general GPUs.
Critical takes
- OpenAI/Anthropic IPO timelines face regulatory and market headwinds.
- Inference specialization risks fragmenting the hardware ecosystem.
Rumors & speculation
Unverified — read with care
- medium confidenceOpenAI may structure government stake as part of broader regulatory alignment ahead of any IPO.
Why this matters
Shifts compute economics toward revenue-share models and inference specialization, directly impacting capex, valuation targets, and deployment speed for frontier AI players.