Anthropic and OpenAI are reportedly eyeing IPOs within 6-9 months at trillion-dollar valuations, contingent on sustained 30%+ growth and clear margin paths. One portfolio company's token costs are doubling every 45 days while productivity is up only ~5%, raising concerns about ROI measurement. Uber's 99% engineer AI adoption and 70%+ pull requests involving agents demonstrate advanced enterprise integration, with engineers now embedded in legal, HR, and procurement to rebuild workflows.
AI IPOs at trillion-dollar valuations will test market appetite for growth-at-any-cost, while rising token costs and weak productivity gains challenge enterprise AI ROI.