OpenAI and Anthropic file IPO prospectuses as AI token usage grows

OpenAI said Monday it confidentially filed its prospectus with the Securities and Exchange Commission, one week after Anthropic submitted its own filing. SpaceX is scheduled to list on the Nasdaq later this week. The three offerings could rank among the largest on record.

Token pricing model Any time a user of ChatGPT, Claude or another AI service builds a spreadsheet, generates an image or writes code through text prompts, a certain number of tokens are required. A token equals roughly three-quarters of one word. Model developers sell subscriptions that include token quotas and charge customers by token usage through their APIs.

OpenAI lists its most powerful model, GPT-5.5, at $5 per million input tokens and $30 per million output tokens. Anthropic prices its Claude Opus 4.8 model similarly, charging $25 per million output tokens. Users who exceed their monthly allotments can purchase additional tokens.

Token references in recent filings Cerebras mentioned tokens 23 times in its prospectus. " SpaceX reported that roughly 70 percent of its first-quarter revenue came from its Starlink satellite internet business and 13 percent from its space division.

The remaining 17 percent came from its AI unit, which is responsible for the majority of the company's capital expenditures.

Cloud revenue growth Alphabet reported that its models now process more than 16 billion tokens per minute via direct API use by customers, up from 10 billion the previous quarter. Over the past year, 330 cloud clients processed over 1 trillion tokens, while 35 reached the 10 trillion token milestone.

The company's cloud revenue rose 63 percent in the first quarter from a year earlier to $20 billion.