OpenAI delays $1T IPO to 2027 as Washington clears Anthropic's Mythos 5

OpenAI and Anthropic are racing toward $1 trillion valuations amid growing government oversight. OpenAI signaled a 2027 IPO delay, easing plans to go public as soon as late 2026, after SpaceX's IPO cooled and tech markets softened. It filed a confidential S-1 with Goldman Sachs and Morgan Stanley, sticking to a $1T target. Amazon's $35B commitment only unlocks when OpenAI goes public or reaches AGI, adding pressure. Meanwhile, OpenAI launched ChatGPT ads at Cannes Lions, already hitting $100M in annualized revenue on a path to $100B by 2030.

Anthropic pulled ahead on valuation at $965B and filed its own S-1 in early June. Washington then suspended Anthropic's most capable models—Claude Mythos 5 and Claude Fable 5—under a new export control directive. After two weeks of talks, Commerce Secretary cleared Mythos 5 for about 100 vetted US organizations defending critical infrastructure, while Fable 5 remains restricted. OpenAI also agreed to phase GPT-5.6 rollout at the government's request. The Big Two are scaling faster than any companies before them, and federal oversight is now defining which models reach whom and when.