In the last three years, several AI businesses have listed on U.S. exchanges. A look at their performance since IPO can inform your decision to participate—or not—in an Anthropic or OpenAI offering if they materialize this year.
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Two mega AI IPOs may be in the works for 2026. In early June, Anthropic and OpenAI announced they have submitted draft registration statements to the U.S. Securities and Exchange Commission for review. The timing, share count, and price of the offerings have not been set.
Anthropic, the Claude chatbot provider, is valued at nearly $1 trillion, based on its Series H fundraise of $65 billion in May. Anthropic competitor and ChatGPT operator OpenAI is valued at $852 billion.
They would be the largest AI companies to go public, but not the first. In the last three years, several AI businesses have listed on U.S. exchanges. A look at their performance since IPO can inform your decision to participate—or not—in an Anthropic or OpenAI offering if they materialize this year.
Metrics are sourced from company reports and StockAnalysis.com, unless noted otherwise. Returns are calculated from the opening price on the IPO date and the closing price as of June 5, 2026.
ForbesHere Are 6 AI Stocks To Buy Now For The FutureBy Catherine BrockArm Holdings (ARM) Market capitalization: $372.73 billion Stock price: $342.93IPO date: September 14, 2023Annual return since IPO: 80%
Arm Holdings designs energy-efficient CPUs and licenses its architectures to technology companies like Apple, Amazon Web Services, and Qualcomm. The company’s designs are used in cloud computing, data centers, self-driving cars, wearables, mobile phones, PCs, and more.
Performance Since IPO
ARM stock has gained 400% cumulatively or 80% annualized since its IPO.
For its fiscal year ending March 31, 2024, the company reported $3.2 billion in revenue, $0.29 in diluted EPS, and about $1 billion in operating cash flow. Sales and profits have grown considerably since then, to $4.9 billion and $0.85 per share, respectively, for the fiscal year that ended on March 31, 2026. Operating cash flow declined to $397 million in fiscal year 2025 and rebounded to $1.5 billion in the latest fiscal year.
What Analysts Say
ARM has extensive analyst coverage. At least 20 analysts rate the stock a strong buy, and two rate it a strong sell. About 17 analysts have a more moderate view, recommending buy or hold. The most recent actions on the stock have been rate confirmations with higher price targets.
The current consensus price target on ARM is about 20% higher than the stock’s trading price.
Astera Labs (ALAB)
Astera Labs makes specialized semiconductors that support connectivity between AI servers, GPUs, and memory systems. Their products help AI systems run faster and more reliably. Customers include system equipment manufacturers and cloud and data-center operators.
Market capitalization: $60 billionStock price: $317.06IPO date: March 21, 2024Annual return since IPO: 103%Performance Since IPO
ALAB stock has gained 380% cumulatively or 103% annualized since its IPO.
The company produced $396.3 million in revenue in 2024, $852.5 million in 2025, and $1 billion in the 12 months prior to March 31, 2026. After a loss of $0.64 per share in 2024, the company earned $1.22 per share in 2025, and $1.48 per share in the 12 months prior to March 31, 2026. Operating cash flow has grown steadily in that time, from $136 million in 2024 to $383.4 million in the recent 12-month period.
What Analysts Say
Analysts are positive about Astera, but the valuation is a concern. The current stock price is more than 30% higher than the consensus 12-month target. Some analysts have raised their targets recently, but ALAB’s price remains above the highest target of $297. Analysts from Citigroup and Northland Securities recently downgraded ALAB to hold.
Forbes6 Best AI Stocks To Buy In 2025By Catherine BrockCoreWeave (CRWV)
CoreWeave provides AI-focused cloud services powered by data centers it builds and operates. The company rents high-performance GPU clusters and managed software platforms that support AI development, training, deployment, and monitoring.
Market capitalization: $55.6 billionStock price: $100.39IPO date: March 31, 2025Annual return since IPO: 127%Performance Since IPO
CRWV stock has gained 160% cumulatively or 127% annualized since its IPO.
CoreWeave reported $5.1 billion in revenue for 2025 and $6.2 billion for the 12 months ending on March 31, 2026—a 130% gain. The company is not profitable. The 2025 diluted loss per share was $2.81, and that loss widened to $3.11 in the recent 12-month period. The company produced nearly $6 billion in operating cash flow for the 12 months ending in March but also spent more than $16 billion in capital expenditures in that period.
What Analysts Say
The consensus view gives CoreWeave a buy rating with about 29% upside over the next 12 months. There is disagreement within that consensus, however. CRWV has at least 19 strong buy ratings and one strong sell. About a dozen analysts take a more moderate stance with a hold rating on this stock.
Tempus AI (TEM)
Tempus AI applies artificial intelligence to healthcare. The company operates software that streamlines physicians’ workflows and provides access to clinical and molecular data. Tempus AI also conducts genomic sequencing and molecular testing.
Market capitalization: $8.6 billionStock price: $46.43IPO date: June 17, 2024Annual return since IPO: 3.6%Performance Since IPO
TEM stock has gained 8.5% cumulatively or 3.6% annualized since its IPO.
Tempus AI has nearly doubled its annual revenue between 2024 and the 12 months ending March 31, 2026. In that time, the company also shrunk its annual loss per diluted share from $6.23 to $1.72. 2026 adjusted EBITDA is expected to be a positive $65 million, but the company has not provided a timeline for achieving GAAP profitability.
The company had $521 million in cash and equivalents on its balance sheet at the end of the first quarter. In May, Tempus AI announced a capital restructure involving $350 million in proposed convertible senior notes.
ForbesThe 5 Best-Performing AI Stocks In The Last YearBy Catherine BrockWhat Analysts Say
The consensus price target on TEM implies about 38% upside over the next 12 months, and the average rating is buy. At least eight analysts label TEM as a strong buy, and at least one rates it a strong sell.
Rank One Computing (ROC)
Rank One Computing offers AI-powered biometric and facial recognition solutions for security, law enforcement, defense, fintech, and public safety applications. Customers include governments, defense agencies, and financial institutions.
Market capitalization: $88 millionStock price: $4.69IPO date: February 20, 2026Return since IPO: (21.8%)Performance Since IPO
ROC stock has declined 21.8% since its IPO.
Rank One Computing has less than four months of history as a public company, and only one quarterly earnings release. That release reported lower revenue and a larger operating loss in the first quarter of 2026 relative to the prior-year quarter. Delayed federal contracts related to the 2025 government shutdown contributed.
The company has $16.6 million in cash on its balance and no long-term debt.
What Analysts Say
Analyst coverage on ROC is light. The stock has at least one buy rating and one sell rating. The consensus price target of $9—from one analyst—implies 95% upside.
Bottom Line
An AI-based business model doesn’t guarantee success. Arm Holdings, Astera Labs, and CoreWeave support broad AI infrastructure needs. These three have delivered sizable returns to shareholders who bought early. Tempus AI and Rank One Computing, with more focused offerings, have been less impressive. In these early days of the AI buildout, investors have appetite for infrastructure plays—but that dynamic could change.
While Anthropic and OpenAI aren’t infrastructure providers, they do address broad end markets. Important success factors for them include healthy balance sheets, disciplined spending, and robust safety controls to manage reputational and legal risks.
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