T. Rowe Price's Emma Norchet sees paths to success for OpenAI, Anthropic ahead of IPOs

OpenAI: OpenAI is an AI research and deployment company developing advanced generative models and tools such as ChatGPT. It has been preparing for a potential initial public offering while prioritizing safety and alignment efforts in its model development. Recent statements from its leadership indicate a deliberate pace toward public markets to address emerging safety requirements. Anthropic: Anthropic is an AI company focused on building reliable and steerable systems, with its Claude family of models positioned for enterprise and developer use. It has confidentially filed for an IPO and is advancing toward a public debut while scaling its infrastructure and capabilities. The company is viewed by investors as one of the leading contenders in the frontier AI space alongside OpenAI. Emma Norchet: Emma Norchet is a partner on the Private Opportunities Fund investment committee at T. Rowe Price, with a focus on late-stage technology investments. She recently stated that both OpenAI and Anthropic have paths to success as they approach public offerings, rejecting the idea of a single dominant player in frontier AI. T. Rowe Price: T. Rowe Price is a global asset management firm focused on active investing across equities, fixed income, and alternative strategies including private opportunities. It maintains significant holdings in leading AI companies and provides research and commentary on technology sector developments. Emma Norchet, a partner on its private opportunities fund investment committee, recently commented on the prospects for OpenAI and Anthropic ahead of their potential public listings. IPO Activity: Anthropic is advancing plans for a public listing targeted for November 2026 following confidential regulatory filings. IPO Timeline: OpenAI leadership has signaled that an IPO is unlikely in 2026, with plans shifted to prioritize AI safety and alignment before going public. Market Outlook: Investors including T. Rowe Price see room for multiple successful companies in the frontier AI sector rather than a winner-take-all dynamic.