PreIPO Feed by Aaron Zhang

Anthropic pre-IPO fundamentals as JSON: FY2025 revenue and May 2026 run-rate revenue, operating expenses, operating and net loss, compute and infrastructure spend, compute obligations, cash and short-term investments, top-customer revenue share, compute cost per revenue dollar. Each number has its own source URL, verification grade and value type (approx, lower bound, exact, derived).

Anthropic IPO data as JSON: filing status (confidential draft S-1), expected timing and listing window, target valuation range, expected proceeds, lead underwriters, last private round (Series H) size and valuation, run-rate revenue, valuation multiples, dated timeline. Each item has its own source URL and verification grade.

OpenAI pre-IPO fundamentals as JSON: FY2025 revenue, monthly revenue, ChatGPT users and subscribers, March 2026 round size and post-money valuation, new round target and valuation in talks, SoftBank bond financing and stake, valuation-to-run-rate multiple. Each number has its own source URL, verification grade and value type.

AI lab funding rounds and valuations as JSON (OpenAI, Anthropic): round size, post-money valuation, rounds in talks, employee tender offers, IPO valuation targets, strategic investor commitments. Each row keeps its source URL, verification grade (primary/secondary/reported) and value type.

OpenAI IPO data as JSON: confidential S-1 filing status and announcement date, reported 2027 listing expectations, Sam Altman ruling out a 2026 IPO, latest verified private funding round committed capital and post-money valuation, banks reported working on filing preparation (not confirmed underwriting mandates), and dated timeline. Each factual item has a source reference and verification grade; uncertain dates and unverified figures are omitted.

OpenAI vs Anthropic side by side as JSON: full-year revenue, latest revenue run-rate, last private round and post-money valuation, IPO status and valuation target, compute obligations, cash, and valuation-to-run-rate multiples. Every value keeps its source URL, verification grade and value type; gaps are listed.

On-chain pre-IPO perps vs private valuation, live: OpenAI and Anthropic perpetuals on Hyperliquid HIP-3 (EntropyIO io:OAI, io:ANTH) converted to implied company valuation, set against the last private round post-money and the IPO valuation target. Premium/discount, funding, open interest, 24h volume; each private anchor keeps source and grade.