Anthropic and OpenAI are crowding software firms out of the IPO spotlight

Traditional software companies hoping to go public have picked an awkward moment. Two AI labs, Anthropic and OpenAI, are absorbing most of the oxygen in the room. Brian Ruder, co-CEO and co-managing partner at private equity firm Permira, joined Dani Burger on Bloomberg’s “Bloomberg Deals” to discuss that shift. His point was that AI is changing how investors value software, and the old pricing playbook is under strain. A $2 trillion shadow over the listing pipeline The biggest name in the queue is Anthropic. The company confidentially filed its S-1 in June 2026, the registration paperwork companies submit before a US listing. It is reportedly targeting a November 2026 debut at a valuation of up to $2 trillion. That figure could make it the largest IPO in history. For context, SpaceX went public in June 2026 at a valuation of nearly $1.78 trillion. That deal now serves as the benchmark Anthropic would need to clear. OpenAI, meanwhile, is taking the slower lane. CEO Sam Altman has ruled out a 2026 IPO, citing safety concerns as the reason for pushing any listing to at least 2027. Huge growth, huger bills The numbers attached to Anthropic explain why fund managers are paying attentio...