Potential Sector Implications of Major AI Platform IPO’s 

The prospective IPOs of OpenAI, Anthropic and Perplexity would have meaningful implications for sector investors because they challenge the idea that AI exposure belongs neatly inside one GICS sector. The arrival of direct AI model companies would make sector classification, index inclusion and benchmark methodology even more important drivers of sector-level exposure.

Information Technology would appear to be the most natural home for much of the new AI model-layer exposure, particularly if OpenAI and Anthropic are classified as software or platform technology companies. That would strengthen the already dominant role of Technology in the AI cycle. Sector funds tracking Technology indexes could eventually gain direct exposure to foundation models, enterprise AI tools, developer platforms and inference monetization, rather than relying primarily on semiconductors, hardware, cloud software and infrastructure enablers.

Communication Services is also likely to become more relevant. Perplexity’s business model sits closer to AI-native search, information retrieval and potentially advertising-supported discovery. That creates classification ambiguity. If the company is treated more like a search, media or interactive platform business, some of the public AI opportunity could migrate into Communication Services. That would matter for investors who view AI as purely a Technology-sector theme. The next phase of AI leadership may be split between model infrastructure, software platforms and information-discovery businesses.

Consumer Discretionary remains an indirect AI sector because of Amazon’s role in cloud infrastructure and strategic AI partnerships. Even before Anthropic becomes public, Amazon gives Discretionary sector funds exposure to the AI infrastructure cycle through AWS and its position in enterprise cloud computing. This highlights a broader issue for sector investors: AI exposure is embedded in several mega-cap companies whose GICS classifications may not fully reflect their underlying economic sensitivities.

Financials could become a more important second-order AI beneficiary. The Anthropic financing package shows that the AI buildout is not only an equity story. It is also a private-credit, structured-finance and capital-formation story. Asset managers, private-credit platforms, banks and insurers may increasingly participate in funding data centers, chips, power infrastructure and long-duration compute assets. That creates a new bridge between AI growth and Financials-sector earnings.

The physical infrastructure sectors remain critical. Industrials benefit from electrical equipment, automation, construction, cooling and grid hardware. Utilities benefit from rising power demand, though regulatory and capital-spending constraints remain important. Real Estate can participate through data-center landlords and digital infrastructure. Materials and Energy gain relevance through copper, steel, uranium, natural gas, LNG and other resource inputs required to support the data-center buildout. These sectors may not receive the same headline attention as AI model companies, but they remain essential to the scaling of the ecosystem.

For sector allocation, the main conclusion is that AI IPOs would likely reinforce a constructive view on Technology, while also broadening the opportunity set. Technology remains the most direct sector beneficiary, especially through semiconductors, software and cloud infrastructure. Industrials also remain attractive as a capital-spending and electrification beneficiary. Communication Services deserves closer attention if AI-native search and platform businesses become public and gain scale. Financials, Utilities, Real Estate, Materials and Energy should be viewed as second-order beneficiaries tied to the financing and physical infrastructure demands of AI.

The risk is concentration. If OpenAI, Anthropic and Perplexity eventually enter major benchmarks at large weights, sector funds and broad-market indexes could become even more dependent on the AI narrative. That could support relative returns during periods of strong AI momentum, but it could also increase downside risk if investors question monetization, margins or capex efficiency. Sector investors should therefore distinguish between direct AI exposure, infrastructure exposure and financing exposure rather than treating the entire AI value chain as one trade.

The AI IPO cycle is likely to make sector investing more methodology-sensitive. Which companies are classified as Technology, Communication Services or another sector will shape relative sector weights, ETF exposures and benchmark performance. For investors, the next stage of AI allocation will require looking beyond ticker-level excitement and asking a more important question: where will the AI economy actually sit inside the sector map?  Will we see a move away from bucketing these potentially ubiquitous applications into the Technology Sector or will this further bifurcate the market into AI and non-AI stocks and sectors.

Public AI Fund Universe: Flows Already Validating the Theme

The current AI-themed ETF universe shows that investor demand has already broadened beyond the largest semiconductor and mega-cap platform proxies. Across the explicit AI, robotics, automation and AI software funds in the database, assets total roughly $40.0B, with approximately $5.1B of YTD net inflows. The strongest asset bases remain concentrated in BAI and AIQ, while ARTY, TCAI and BAI show the clearest combination of strong performance and positive flow momentum. That backdrop supports the broader editorial point: the OpenAI, Anthropic and Perplexity IPO cycle may not create the AI trade from scratch, but it could materially improve the purity, breadth and indexability of public AI exposure.

Performance reflects 6M returns from the ETFThemes.com thematic ETF database. 

Sources

• June 9 StreetAccount headline/news packet, including OpenAI’s confidential IPO filing, Anthropic’s IPO filing and chip-financing package, Perplexity’s 2028 IPO plan, Applied Digital’s AI data-center deal, and broader AI infrastructure headlines.
• June 9 thematic ETF return and flow database, including AI-themed ETF AUM, YTD flows and performance data.
• Reuters reporting on OpenAI’s confidential IPO filing, Anthropic’s IPO filing, valuation context and the broader AI IPO race.
• Reuters/CNBC reporting on Perplexity’s plan to pursue a 2028 IPO.
• Reuters reporting on Applied Digital’s $5.2B AI data-center lease, supporting the AI infrastructure read-through.
• Nasdaq methodology commentary on faster entry for large newly public companies into Nasdaq-100-style index exposure.
• Reuters reporting on S&P Dow Jones Indices’ review of IPO eligibility rules as mega-IPOs loom.

Disclaimer:  This material is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or a solicitation to engage in any investment strategy. ETF flows, assets under management and performance figures are based on source data believed to be reliable but have not been independently verified. Past performance is not indicative of future results. Thematic ETFs may involve higher volatility, concentration risk and sensitivity to changes in investor sentiment, valuation, regulation, index methodology and technology adoption. Investors should consult their own financial, tax and legal advisers before making investment decisions.