Three AI small caps set to benefit from a possible OpenAI IPO

OpenAI, which effectively launched the AI race with the release of ChatGPT in 2022, confidentially submitted paperwork for an IPO to the U.S. Securities and Exchange Commission on June 8. According to media reports, the company is targeting a market debut in late 2026 or early 2027 at a valuation of more than $850 billion.

Additional momentum for the offering comes from OpenAI’s main rival, Anthropic, the developer of Claude, which was cofounded by former OpenAI employees. Anthropic confidentially filed for an IPO on June 1, a week ahead of OpenAI. Anthropic’s latest funding round valued the company at approximately $965 billion. Meanwhile, OpenAI’s $122 billion funding round in March was completed at a valuation of $852 billion.

Listings by OpenAI and Anthropic could further boost investor interest in AI infrastructure over the coming quarters. Demand for compute capacity, secure access, power generation, and data management is growing regardless of which company reaches the public markets first.

OpenAI remains privately held, but a number of publicly traded companies are already benefiting from the expansion of its ecosystem. Broadly speaking, they can be divided into three groups:

As AI adoption spreads, demand is shifting away from the models themselves and toward the infrastructure required to run them: computing capacity, cybersecurity systems, power generation, and data management.

Below, we have picked three publicly traded companies that could emerge among the biggest beneficiaries of these trends.

Yubico (YUBICO.ST)

Sweden’s Yubico develops the YubiKey authentication key, a USB-connected device that verifies a user’s identity without requiring a password. Among the companies selected by Oninvest, Yubico has one of the most direct links to OpenAI.

Starting June 1, OpenAI introduced mandatory enhanced account protection for users with access to the company’s most powerful models. In response, Yubico launched a dedicated YubiKey bundle for OpenAI users.

In the first quarter of this year, Yubico’s revenue fell 23% year over year to SEK479.3 million (about $50 million), primarily due to adverse currency effects and delays in large enterprise contracts. Organic revenue declined by around 10%, while subscription revenue, by contrast, increased 29% in constant currency, indicating continued demand for the company’s products.

Nordea analyst Thomas Nilsson maintained a "hold" rating on the stock on June 1, expecting revenue to increase from SEK2.05 billion (about $217 million) in 2026 to SEK2.78 billion (about $294 million) in 2028. He forecasts adjusted operating profit margin expanding from 11.5% to 18.0% over the period.

The main risk for investors is that OpenAI requires a specific method of account protection rather than devices from a specific manufacturer. As a result, users can choose not only Yubico’s hardware keys, but also software-based solutions such as Windows Hello.

According to MarketScreener data, four analysts rate the stock a "hold," versus a single "underperform" rating. The average target price is SEK58.20, implying 4.5% upside versus the Tuesday closing price.

Box (BOX)

U.S.-based Box specializes in the storage and management of enterprise data, ranging from contracts and presentations to images and videos. The company aims to become a secure data repository through which AI models, including OpenAI’s models, can access corporate information. The investment thesis is that Box could evolve into a kind of file system for AI.

In the first quarter of the company's fiscal 2027, revenue increased 11% year over year to $305.9 million. It was the first time in more than three years that Box returned to double-digit revenue growth. The customer retention rate improved to 105%, the share of revenue generated by suite products increased to 67% from 61% a year earlier, and operating income more than tripled.

Analysts are divided on the stock's prospects. D.A. Davidson recommends "buy" at a target price of $45 per share, as does BofA at a target of $33 per share. Morningstar takes a more cautious stance, estimating Box's fair value at around $25 per share and arguing that the company lacks a durable competitive advantage.

Morningstar believes the primary risk stems from intensifying competition from technology giants. Microsoft and Google are rapidly integrating AI features into their own data-storage and content-management ecosystems. Following Google’s announcements at the Google I/O 2026 developer conference, the market has begun to take that risk more seriously as more AI tools are being embedded directly into Google Workspace.

According to MarketWatch data, the stock has six "hold" ratings, five "buy" and "overweight" calls, and one "sell" recommendation. The average target price is $33.60 per share, implying 34.5% upside.

Kodiak Gas Services (KGS)

Texas-based Kodiak Gas Services is the largest contract gas-compression operator in the U.S. Its equipment maintains pressure in pipelines, primarily in the Permian Basin. While the company has no direct contracts with OpenAI, it could benefit from one of the defining trends of the AI era: rapidly growing power demand from data centers.

Kodiak is expanding a new business segment, Power Infrastructure, which focuses on distributed power generation directly at customer sites. The approach allows large facilities to secure electricity outside of increasingly constrained power grids, a solution that is becoming more relevant as new data centers are built.

In the first quarter of this year, revenue increased 4.9% year over year to $345.8 million, while adjusted EBITDA reached a record $190.1 million, up 7%. Following its acquisition of Distributed Power Solutions, the company raised its full-year guidance and stated it has already contracted more than 260 megawatts of new power capacity. Through 2030, Kodiak expects to add another 300-500 megawatts annually.

Analysts are upbeat on the name. Wells Fargo has initiated coverage with an "overweight" rating at a target price of $93 per share, almost 30% above the current share price. William Blair estimates the company's fair value at $92 per share, while BofA recommends "buy" at a target price of $85 per share. The optimism is primarily tied to expected growth in power consumption from AI infrastructure.

The main risk is that Kodiak has yet to announce major contracts directly with data-center operators. In addition, expanding its power business requires significant investment, which could lead to higher debt levels.

According to MarketWatch data, all 16 Wall Street analysts covering the stock unanimously rate it a "buy" at an average target price of $83.50 per share, implying 16.5% upside.

* This text is for informational purposes only and does not constitute personalized investment advice.