Big investors fear a Democratic-controlled Congress could bring years of hearings and investigations into AI firms, according to the New York Post’s On The Money column. Anthropic is reportedly preparing to list before Thanksgiving, while OpenAI says it will not go public this year.
Wall Street advisers are telling Anthropic and OpenAI to launch their blockbuster stock market flotations sooner rather than later, according to the New York Post’s On The Money column. The concern, it reports, goes beyond the risk of an AI bubble. Investors fear that if Democrats win control of Congress in November, executives could face hostile questioning on issues from AI-related job losses to deepfakes. One major Wall Street deal lawyer told the paper: “We’re advising that people do their IPOs before the end of the year before things get crazy.”
What the advisers are saying
The paper reports that insiders are worried about a left-wing takeover of Congress, and in particular about Democratic Socialists using hearings to hamper deals. The lawyer said: “It will be years of hearings, investigations and nonstop turmoil.”
Anthropic is expected to release its official offering document, known as an S-1, imminently, ahead of an IPO before Thanksgiving, according to the paper. It said representatives for Anthropic had no immediate comment.
OpenAI is the bigger concern. Chief executive Sam Altman said last month that the company did not plan to go public until next year, partly citing AI safety. Wall Street figures now say OpenAI will be urged to do its deal after that but before 3 January, when Democrats would formally take over if they win in November.
An OpenAI spokesperson said: “We’ve been consistent in saying that we have not set a timeline for an IPO. Last month our CEO made clear that the priority is safety, and that we will not going public this year.” The research notes say OpenAI has not reversed that position.
The political argument
The column says Democrats are seen as likely to take the House, with a roughly 70% chance of winning the Senate, though these are market whispers and not results. It cites a Michigan Senate race, with Democrat Abdul El-Sayed slightly favoured over Republican Mike Rogers, and a Texas race, in which Democrat James Talarico is slightly ahead of Republican Ken Paxton. The paper acknowledges the Republicans could hold both chambers despite President Donald Trump’s unpopularity.
If Democrats win both chambers, the column says, the result could be legislative gridlock, since Mr Trump would keep the White House. It notes that markets generally welcome gridlock, but argues the usual view may not hold this time because some incoming Democrats would be more confrontational than in the past. That is the column’s own characterisation. It adds that some Republican candidates in close races have shifted on AI, with candidates in both parties calling for a slowdown in data centre building and for firms to deliver benefits to communities where centres are planned.
The research notes say no evidence has been found that a Democratic Congress would block either company’s IPO. The column reports concerns about investigations and hearings but does not identify any law that would prohibit a listing.
Anthropic’s finances
According to Reuters, citing a draft prospectus, Anthropic recorded a net loss of $80.7bn in the first half of 2026, against about $13bn a year earlier. Around $72bn was a non-cash accounting charge, mainly from rises in the estimated value of financial instruments convertible into shares, so it is not money spent running its AI services. Computing and infrastructure spending approached $9bn in six months, and the company has committed to spending at least $518bn over the next decade on cloud computing and related capacity.
Reuters reports that some investors now discuss a valuation of around $1.5tn, down from hopes nearer $2tn. It says Anthropic could begin marketing shares to institutions in the week of 9 November, with a debut targeted for mid-November. Those plans can change. Reuters also reports that Anthropic cut off customers representing 5% to 7% of its revenue in the first nine months of 2026, accusing them of being used by Chinese AI companies to copy its technology. These are Anthropic’s allegations.
OpenAI’s alternative
CNBC, cited by TechCrunch, reports that OpenAI is negotiating a private fundraising round of up to $30bn, at a pre-money valuation of $1.25tn. Investors including Coatue and investors from the United Arab Emirates are named as possible participants. Nothing has been finalised. OpenAI confirmed in June that it had confidentially filed for a US IPO, as Anthropic had also done, though such filings do not commit either to listing.
Other AI-related companies, including Switch, Nscale, SB Energy, AirTrunk REIT and Firmus, have delayed or withdrawn listings, Reuters reports. It points to rising interest rates, volatile AI infrastructure shares and doubts over data centre returns, not only the election. Reuters also says the recent Oura IPO drew limited long-term institutional interest.
The column adds that Meta, Facebook’s parent, may also stage a “monster” secondary share offering to fund its AI spending in the coming months. It notes that Anthropic could still delay if investors fear AI valuations have peaked.
