Harrison Rolfes | Morningstar

Morningstar

More From Harrison Rolfes

What a Delayed OpenAI IPO Would Tell Investors

If Anthropic goes public first, it could set the terms of the valuation debate for frontier labs.

Harrison Rolfes Jul 17, 2026

Anthropic’s Gross Margin Is the Most Important Number in Tech

One number will recalibrate OpenAI’s offering, public AI infrastructure multiples, and the entire hyperscale GPU buildout thesis.

Harrison Rolfes Jun 12, 2026

PitchBook: OpenAI Is Going Public as the Worst Value Among Its Peers

Investors are paying a steep price relative to the underlying business quality, PitchBook research says.

Harrison Rolfes Jun 4, 2026

OpenAI Missed Multiple Revenue Targets—Here’s Why It Likely Won’t IPO This Year

Plus, whichever AI company IPOs first defines what “good” looks like.

Harrison Rolfes Apr 30, 2026

Which of the 3 Giant AI IPOs Should You Buy?

OpenAI, Anthropic, and Databricks are expected to go public this year at massive valuations.

Harrison Rolfes Mar 25, 2026

Harrison Rolfes is a senior analyst at PitchBook.

Sponsor Center

Transparency is our policy. Learn how it impacts everything we do

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

© Copyright 2026 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.