Overview of AI Large Model Companies Planning to Go Public in China and the U.S.: OpenAI and Anthropic Expected to List by Q4 2026, DeepSeek Preparing for A-share Listing

On July 17, AI large model companies in China and the U.S. are accelerating their plans for the capital markets. Companies such as Anthropic, OpenAI, DeepSeek, Moonlight, and StepStar are in various stages of filing documents, preparing for listing, or early evaluation, with planned listing locations covering U.S. stocks, A-shares, and Hong Kong stocks. The companies queued for listing are as follows:

Category 1: Documents Submitted, Closer to Listing

These companies have secretly submitted S-1 documents and are the furthest along in the listing process.

Anthropic submitted its S-1 document on June 1, planning to go public on U.S. stocks, with the earliest possible listing in Q4 2026. The company's latest post-investment valuation is approximately 965 billion yuan, with the latest round of financing at 65 billion yuan, totaling around 132 billion yuan in cumulative financing.

OpenAI submitted its S-1 document on June 8, also planning to list on U.S. stocks, with the earliest listing time being Q4 2026. The company's latest post-investment valuation is approximately 852 billion yuan, with the latest round of financing at 122 billion yuan, totaling around 180 billion yuan in cumulative financing.

Category 2: Preparation or Evaluation Stage Initiated

These companies have not yet entered the public offering stage but have initiated listing preparations, contacted investment banks, or are rumored to have submitted documents.

DeepSeek has initiated preparations for listing on A-shares, with the latest pre-investment valuation at approximately 71 billion yuan, the latest round of financing at 7 billion yuan, totaling around 7 billion yuan in cumulative financing, and plans to submit materials by the end of 2026, aiming for listing in 2027.

Moonlight is conducting early evaluations for listing on Hong Kong stocks and has contacted investment banks. The company's latest post-investment valuation is approximately 20 billion yuan, with the latest round of financing at 2 billion yuan, totaling over 5 billion yuan in cumulative financing, with no clear listing timetable yet.

StepStar is rumored to have secretly submitted documents for listing on Hong Kong stocks, with the latest valuation at approximately 12 billion yuan, the latest round of financing close to 2.5 billion yuan, totaling over 3 billion yuan in cumulative financing, with the specific listing time to be determined.

Category 3: Only Expressing Intent, Not Officially Started

These companies have released their listing plans but have not yet entered the substantive application stage.

Baichuan Intelligence has expressed its intention to go public, but related procedures have not yet started, with the listing location to be determined. The company's latest valuation is approximately 20 billion yuan, with the latest round of financing at 5 billion yuan, totaling around 7.5 billion yuan, and it is expected to start the listing process in 2027.

Perplexity has also not officially started the listing process, planning to go public on U.S. stocks, with the latest valuation at approximately 21 billion yuan, the latest round of financing at 200 million yuan, totaling around 1.7 billion yuan, with plans to list in 2028.

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