OpenAI and Anthropic have confidentially filed their IPO prospectuses, signaling a significant moment in the AI sector. Tokens, which serve as the currency for AI services, are central to how these companies generate revenue. Each interaction with AI models like ChatGPT or Claude requires a certain number of tokens, which are billed to users based on their usage.
OpenAI's pricing for its GPT-5.5 model is $5 for 1 million tokens of input and $30 for output, while Anthropic's Claude Opus 4.8 model has similar pricing. The emergence of tokens reflects a shift in business models akin to the transition from software licenses to subscriptions seen with cloud computing.
Companies like SpaceX and Cerebras are also discussing tokens in their IPO filings, indicating their growing importance in the tech landscape. For instance, Google's CEO Sundar Pichai reported that the company processes over 16 billion tokens per minute, highlighting the scale of token usage in AI applications.
However, the financial implications of token usage remain unclear, as companies like Google do not directly link token consumption to revenue. Investors must navigate this new terrain to understand how token metrics will impact the financial health of AI companies, especially as they compete for resources and infrastructure to support their operations