OpenAI may be thinking about delaying its initial public offering until next year, but one analyst at Deutsche Bank argues that the ChatGPT owner, and its artificial-intelligence rival Anthropic, shouldn't wait too long to go public despite the market's growing wariness for other recent IPOs.

"They and their peers need to strike while the iron is hot to secure computing power, distribution and capital," said Deutsche Bank's Adrian Cox in a report Wednesday, adding that "there is no guarantee that there will be enough investor appetite to absorb hundreds of billions of dollars in rapid-fire demand." OpenAI hasn't officially named its underwriters since its IPO filing is still confidential.

The New York Times reported OpenAI's potential IPO delay last week.

Cox said in addition to the benefits that the companies would get from raising more funding, IPOs from OpenAI and Claude owner Anthropic would help boost transparency about their financials and increase accountability at a time when there are concerns about cybersecurity and the impact that the increased use of AI will have on the broader job market.

But perhaps most importantly, stock listings for the two companies will give investors true yardsticks for the AI industry.

"Part of the anxiety about an AI bubble is the lack of pure-play, public, investible companies to act as a benchmark," Cox said. "A listed OpenAI or Anthropic would fill a huge gap."

Cox joked that investing in AI right now is like going to a horse race and betting only on the jockeys because "the horses themselves are unavailable."

Alphabet does own Gemini, but the Google and YouTube parent is a much more diversified company with businesses that go beyond AI. The same is true for SpaceX. The xAI unit is a small part of Elon Musk's rocket launch and satellite communications company.

SpaceX just went public last month in the biggest IPO ever. But it has been a bumpy ride so far, which may be a reason why OpenAI is now taking a slower approach to going public.

SpaceX stock got off to a hot start, rising 19% on its debut day and nearly 57% over its first three days. But SpaceX has fallen sharply since then, tumbling nearly 30% from the all-time high of around $226 it hit on June 15. At a current price of about $160, SpaceX is back near its first-day closing price.

Several other high-profile new listings such as AI chip company Cerebras Systems and geothermal energy firm Fervo, have pulled back from their first day closing prices, too.

"The AI boom is fast approaching a moment of truth, as rapid growth and soaring valuations collide with ballooning capital expenditure, a public backlash and the challenges of real-life adoption," said Deutsche Bank's Cox in a report.

So the IPO window may not be as open as OpenAI and Anthropic would like. The question is whether they can squeeze their way through soon before it shuts.

Write to Paul R. La Monica at paul.lamonica@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 01, 2026 14:47 ET (18:47 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.