OpenAI Stock vs. Anthropic Stock: Which Nvidia-Backed AI Start-up Would Be the Best IPO Stock to Buy in 2026?

Company Overview - OpenAI's revenue increased more than 200% to approximately $13 billion in 2025, with an estimated revenue of $100 billion by 2028, indicating an annualized growth rate near 100% over the next three years [1] - OpenAI was founded in 2015 as a nonprofit and transitioned to a for-profit subsidiary in 2019, known for its generative AI application ChatGPT [3] - Anthropic, founded in 2021 by ex-OpenAI executives, is recognized for its generative AI application Claude and has developed various AI tools [9][10] Financial Performance - OpenAI's current valuation is about $750 billion, resulting in a price-to-sales ratio of 58 based on its 2025 revenue [7][8] - Anthropic's revenue surged 1,100% to $4.5 billion in 2025, with a projected revenue of $40 billion by 2028, and a valuation of $350 billion, leading to a price-to-sales ratio of approximately 78 [12][11] - OpenAI does not expect to achieve profitability or positive free cash flow until 2030, while Anthropic anticipates positive free cash flow in 2027 and profitability in 2028 [1][12] Product Development - OpenAI has developed several notable products, including GPT Image, Sora, and Whisper, which enhance its generative AI capabilities [2] - Anthropic has introduced products like Claude Code and the Model Context Protocol (MCP), expanding its offerings in the AI space [10] Market Position and Investment Opportunities - OpenAI and Anthropic are both considering initial public offerings (IPOs), with OpenAI being viewed as a more attractive potential IPO stock based on current valuations [4][13] - Nvidia plays a crucial role in the AI ecosystem, providing infrastructure for both OpenAI and Anthropic, with significant investments in both companies [5][6]