# Anthropic IPO Seen Opening AI Listing Floodgates _Madrona's $410B AI list is top-heavy and churning fast, with an Anthropic IPO tipped to unlock listings in 2027._ **Published:** 2026-09-01 **Source:** https://www.startuphub.ai/ai-news/investors-news/2026/anthropic-ipo-seen-opening-ai-listing-floodgates --- Anthropic IPO is the domino Madrona says could finally open the AI listing window, according to [Bloomberg Technology](https://www.youtube.com/watch?v=_ZUwZngSG10). $410B concentrated listCore 45 winners this year have raised $410B since foundingtop 3 leadTop 3 dominate $375BCoreOpenAI Anthropic and Databricks account for most of the totaldrives triggerAnthropic IPO catalystDriverFrom the article 2 mentionsAnthropic IPO is the domino Madrona says could finally open the AI listing window, according to Bloomberg Technology.unlocksOpens listing windowEffectAnthropic IPO is tipped to unlock AI listings in 2027From the articleAnthropic IPO is the domino Madrona says could finally open the AI listing window, according to Bloomberg Technology.Madrona list builtContextFrom the articleIt's the sixth year of Madrona's list and the fifth summit, built from VC and tech leader nominations plus PitchBook data and a voting mechanism.Five-year $500B raisedContextFrom $15B in 2021 pre-ChatGPT cohort to over $300B this yearFrom the articleThis year's list has raised over $300 billion, and the five-year aggregate tops $500 billion.Strategics replace ventureContextStrategic investors have moved to the top replacing traditional VCFrom the articleFrontier lab funding now comes more from strategics than venture.$410B concentrated listCore45 winners this year have raised $410B since foundingtop 3 leadTop 3 dominate $375BCoreOpenAI Anthropic and Databricks account for most of the totaldrives triggerAnthropic IPO catalystDriverFrom the article 2 mentionsAnthropic IPO is the domino Madrona says could finally open the AI listing window, according to Bloomberg Technology.unlocksOpens listing windowEffectAnthropic IPO is tipped to unlock AI listings in 2027From the articleAnthropic IPO is the domino Madrona says could finally open the AI listing window, according to Bloomberg Technology. It's the sixth year of Madrona's list and the fifth summit, built from VC and tech leader nominations plus PitchBook data and a voting mechanism. The full discussion can be found on **Bloomberg Technology**'s YouTube channel. ![](https://img.youtube.com/vi/_ZUwZngSG10/maxresdefault.jpg) Anthropic IPO Could Open AI Listings Floodgates: Madrona, from Bloomberg Technology ## How Madrona builds the list The first cohort in 2021, pre-[ChatGPT](https://www.startuphub.ai/ai-news/artificial-intelligence/2026/chatgpt-work-puts-slack-and-gmail-on-phone), had raised $15 billion in total. This year's list has raised over $300 billion, and the five-year aggregate tops $500 billion. Madrona restricts early and mid-stage to companies that have raised less than $200 million. ## Where the $410 billion sits The 45 winners this year have raised $410 billion since founding. OpenAI, [Anthropic](https://www.startuphub.ai/ai-news/artificial-intelligence/2026/anthropic-unlocks-ai-economic-data) and Databricks account for roughly $375 billion of it. That still leaves about $800 million per company for the rest of the list on average. ## Why strategics replaced venture at the top Frontier lab funding now comes more from strategics than venture. The five largest tech companies will combine for an estimated $750 billion in CapEx this year, with hundreds of billions more flowing to OpenAI and Anthropic alongside [Nvidia](https://www.startuphub.ai/ai-news/ai-figures/2026/figure-jensen-huang-blackwell-ai-factory-architecture-2026-08-15) and the hyperscalers. The question hanging over that spend is ROI for enterprise buyers paying for tokens, and there's no clear answer yet. ## What durability looks like now Turnover runs roughly 50 percent a year, sometimes higher, a test of durability versus disruption. Madrona points to applied and agentic companies, not infrastructure, as the next leaders. Coding is central to that shift, with Cursor cited as an early pathfinder and newer builders like Lovable, Gradio, Cervello and Vercel delivering gross margin and customer value in marketing, IT, sales and developer tooling. ## What an Anthropic IPO unlocks A successful Anthropic IPO, however the market defines success, is seen clearing the way for others. Names on watch include OpenAI, Databricks and ClickHouse, with 2027 framed as the opening of the gates. If that debut stumbles, the backlog stays stuck in private markets approaching $200 billion already raised by the top labs. --- Original analysis from [startuphub.ai](https://www.startuphub.ai), the #1 AI startup directory.