If the Markets Reject OpenAI and Anthropic, the US Should Nationalize Them

This essay was written with Nathan E. Sanders, and originally appeared in The Guardian . OpenAI, and then Anthropic , were each formed by AI developers who feared unrestrained corporate AI development—specifically, that companies like Google and Meta would steer the technology towards deleterious, maybe even catastrophically unsafe, outcomes for society. Their founders proclaimed that their new labs, uniquely, could be trusted to develop the technology in humanity’s best interest. But each, in turn, were themselves co-opted by the same market incentives, themselves becoming corporate behemoths zealously guarding future investor value rather than the public interest. It was only a few weeks ago, in June, when OpenAI and Anthropic each filed for their IPOs and were met with buzz about trillion-dollar valuations. The hype around their valuations is so extreme that many worry about their potential for concentrating wealth on a global scale. In an effort to leave something for the rest of us, some observers have proposed that the federal government seize a share of these companies’ stock to create a US sovereign wealth fund , or redistribute their revenues to produce a dividend for taxpayers. Now the headlines are about public backlash to AI datacenters and the AI chip giant Nvidia’s slumping stock. The tech and AI giant SpaceX’s newly minted stock price tanked just weeks after its IPO. There are even questions about whether the leading AI labs will ever be sustainably profitable . All of a sudden, the makers of ChatGPT and Claude face strong headwinds as they seek to generate the massive equity assets that once felt all but assured. In fact, evidence suggests the market itself could reassess that these companies offer nothing of financial value. In that case, perhaps we can return them both to their original purposes. If these AI companies should fail in the financial markets, the US should nationalize them and convert them into national labs operated under democratic c