Three small-cap companies in the AI sector: They could benefit from OpenAI's IPO

OpenAI, which kicked off the artificial intelligence race with the launch of its ChatGPT chatbot in 2022, confidentially filed an official IPO application with the U.S. Securities and Exchange Commission (SEC) on June 8. According to media reports, the company expects to go public in late 2026 or early 2027 with a valuation of over $850 billion.

OpenAI’s main competitor—Anthropic, the developer of Claude and founded by former OpenAI employees—is providing an additional boost to the offering. Anthropic filed a confidential IPO application on June 1, 2026—a week before OpenAI. Anthropic’s most recent funding round closed at a valuation of approximately $965 billion. In March, OpenAI’s $122 billion funding round closed at a valuation of $852 billion.

The IPOs of OpenAI and Anthropic are likely to further boost market interest in artificial intelligence infrastructure in the coming quarters. Furthermore, many companies in this ecosystem stand to benefit not from a specific IPO, but from the growth of the AI market itself: demand for computing power, secure access, electricity, and data management is increasing regardless of which company goes public first.

While OpenAI remains a private company, there are already publicly traded companies that are benefiting from the growth of the OpenAI ecosystem. Broadly speaking, they can be divided into three groups:

— direct suppliers of goods and services that OpenAI pays to keep its models running: from chip manufacturers to providers of secure access solutions;

— infrastructure owners and strategic partners that provide computing power, data centers, energy resources, and data transmission channels;

— indirect beneficiaries whose businesses are growing as the AI market expands, even without direct contracts with OpenAI.

As AI becomes more widespread, demand is shifting from the models themselves to the infrastructure required for them to function: computing power, cybersecurity systems, electricity, and data management.

We have selected three publicly traded companies that could be among the main beneficiaries of this trend:

Swedish company Yubico is the developer of the YubiKey authentication device, which connects via USB and verifies a user’s identity without the need for a password. Among all the companies selected by Oninvest, Yubico has one of the most direct ties to OpenAI.

Effective June 1, 2026, OpenAI implemented mandatory enhanced account security measures for users with access to the company’s most powerful models. In response, Yubico released a special YubiKey bundle for OpenAI users.

In the first quarter of 2026, Yubico’s revenue fell 23% year-over-year to 479.3 million Swedish kronor (about $50 million): The main reasons were negative currency effects and the postponement of major corporate contracts. However, on an organic basis, the decline was approximately 10%, while subscription revenue, by contrast, grew by 29% in constant currency, indicating continued demand for the company’s solutions.

On June 1, Nordea analyst Thomas Nilsson maintained a “hold” rating on the company’s shares, anticipating revenue growth from 2.05 billion Swedish kronor (about $217 million) in 2026 to 2.78 billion kronor (about $294 million) in 2028. According to his forecast, the adjusted operating profit margin will increase from 11.5% to 18% over the same period.

The main risk for investors is that OpenAI requires the use of a specific method of account protection, rather than a device from a specific manufacturer. Therefore, users can choose not only Yubico keys but also software solutions such as Windows Hello.

According to Market Screener, four analysts recommend holding the company’s stock (Hold rating), while one recommends selling it (Underperform). The average target price is 58.2 Swedish kronor, which is 4.5% higher than the stock’s closing price on June 23.

The American company Box specializes in storing and managing corporate data—from contracts and presentations to images and videos. The company aims to become a secure data repository through which AI models, including OpenAI 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 fiscal year 2027, the company’s revenue grew 11% year-over-year to $305.9 million. This marks the first time in more than three years that Box’s growth rate has returned to double digits. The customer retention rate improved to 105%, the share of revenue from bundled solutions rose to 67% from 61% a year earlier, and operating profit more than tripled.

Analysts’ opinions on the company’s prospects are mixed. D.A. Davidson recommends buying the stock with a price target of $45, while BofA has assigned it a “buy” rating with a target of $33. Morningstar takes a more cautious stance, estimating the fair value of the stock at approximately $25, citing the company’s lack of a sustainable competitive advantage.

Morningstar analysts believe that the main risk stems from intensifying competition from tech giants. Microsoft and Google are actively integrating AI features into their own data storage and processing ecosystems. Following Google’s announcements at the I/O 2026 conference, the market has begun to take this risk more seriously, as more and more AI tools are appearing directly within Google Workspace.

According to MarketWatch, the company’s stock has six “Hold” ratings, five “Buy” and “Overweight” ratings, and one “Sell” rating. The average price target is $33.6, with upside potential of 34.5% from the current price.

Kodiak Gas Services, based in Texas, is the largest contract gas compression operator in the U.S. Its equipment maintains pressure in pipelines, primarily in the Permian Basin. Although the company does not have any direct contracts with OpenAI, it stands to benefit from one of the key trends of the AI era—the rapid growth in demand for electricity for data centers.

Kodiak is developing a new division, Power Infrastructure, which focuses on distributed power generation directly at the customer's site. This approach makes it possible to supply large facilities with power while bypassing overloaded power grids, which is becoming increasingly important as new data centers are built.

In the first quarter of 2026, revenue rose 4.9% year-over-year to $345.8 million, while adjusted EBITDA reached a record $190.1 million, up 7%. Following the acquisition of Distributed Power Solutions, the company raised its full-year outlook and announced that it has already secured contracts for more than 260 megawatts of new capacity. Kodiak expects to bring an additional 300–500 megawatts online each year through 2030.

Analysts generally view the company’s outlook positively. Wells Fargo initiated coverage of the stock with an “outperform” rating and a price target of $93—nearly 30% above the current price. William Blair estimates the fair value at $92, while BofA recommends buying the stock with a target price of $85. The optimism stems primarily from the expected growth in energy consumption by AI infrastructure.

The main risk is that Kodiak has not yet announced any major contracts directly with data center operators. In addition, expanding its energy business requires significant investment, which could lead to an increase in debt.

According to MarketWatch, the company’s stock has sixteen ratings from Wall Street analysts, all of which are “buy.” The average price target is $83.5, which implies upside potential of 16.5% from the current price.

*This is not a personalized investment recommendation.