When OpenAI and Anthropic eventually exit the confidential IPO filing phase and make their prospectuses public, investors are going to be inundated with references to a term that remains unfamiliar to many on Wall Street: tokens.
They’re the new currency in artificial intelligence. They’re how the big model companies get paid. They’re how developers now work, using tokens to build apps. But translating tokens into dollars — the currency that investors understand — is complicated, and investors are going to have to quickly get up to speed.
“It’s a work in progress for all of us navigating this new terrain,” said D.A. Davidson tech analyst Gil Luria. He covers companies including Amazon
, Microsoft
and Alphabet
, which have sprinkled references to tokens into remarks on earnings calls in the past year.
Link: https://www.cnbc.com/2026/06/10/wall-street-needs-crash-course-in-tokens-ahead-openai-anthropic-ipos.html