OpenAI and Anthropic may struggle to go public due to their corporate structures

Why OpenAI and Anthropic may struggle to float

FT argues that OpenAI and Anthropic's hybrid structure—a nonprofit controlling a for-profit subsidiary—creates serious obstacles for an IPO. Both are registered as public benefit corporations, but core assets and ultimate control remain with the nonprofit, making investor protections, disclosure rules, and anti-fraud provisions hard to apply. The article does not include responses from either company or a concrete IPO timeline.

Why it matters: FT unpacks the IPO hurdle from a legal-structure angle with concrete detail — not a generic industry take. Held below 85 because the piece lacks responses from either company and the topic leans financial/regulatory rather than product or tech.