OpenAI confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission on June 8, the ChatGPT maker announced, setting the stage for what could be one of the largest tech IPOs in history. The filing comes just one week after rival Anthropic filed its own confidential S-1, intensifying the race between the two AI giants to hit public markets.
What Happened
OpenAI submitted a draft registration statement to the SEC for a proposed IPO, though the company did not disclose the number of shares or a price range. The confidential filing, a standard practice for companies preparing to go public, allows OpenAI to submit its financials to regulators for review before they become public. According to TechCrunch, the company is working with Goldman Sachs and Morgan Stanley to lead the underwriting, with a potential listing as soon as Q4 2026.
OpenAI, which completed its transition from a non-profit to a for-profit public benefit corporation in late 2025, was last valued at $852 billion post-money. Reports indicate executives are targeting a stock market valuation of up to $1 trillion, according to CNBC. The company's ChatGPT now supports more than 900 million weekly active users, up from 400 million in late 2025.
OpenAI CEO Sam Altman has previously indicated the company does not expect to reach profitability until 2030, given its massive spending on AI research, computing infrastructure, and talent. The IPO filing provides the company access to public capital markets to fund its expensive AI ambitions.
Why It Matters
OpenAI's IPO marks a turning point for the AI industry. The company's journey from a non-profit research lab founded in 2015 to a for-profit public company valued at nearly a trillion dollars reflects the explosive growth of generative AI since ChatGPT's launch in November 2022. The listing comes during what analysts are calling the "Year of the Mega-IPO" — with Anthropic (valued at $965 billion) already in the pipeline and SpaceX targeting a $1.75 trillion valuation for its public debut later this month.
According to Fortune, Wall Street dumped nearly $1 trillion in tech stocks by midday on June 9 before buying back, showing the market's sensitivity to the flood of mega-IPOs. On secondary markets, Anthropic stock has surged 123% year-to-date on Forge Global, while OpenAI secondary stock has risen roughly 11.3% YTD, as reported by OpenTools.ai.
The AI race is also driving massive infrastructure investments. Anthropic recently locked in a $35 billion chip financing deal with Apollo and Blackstone, while OpenAI continues to invest heavily in its own computing capacity through its partnership with Microsoft and its Stargate infrastructure project.
What's Next
OpenAI has not yet set a timeline for its public debut, but sources indicate a potential listing in the fourth quarter of 2026. The confidential filing process typically takes several months, allowing the SEC to review financials before the company launches its roadshow. The IPO will likely be one of the most anticipated in market history, with retail and institutional investors eager to gain exposure to the company at the center of the AI revolution. The blockbuster IPO season — OpenAI, Anthropic, and SpaceX — could collectively raise over $200 billion, reshaping the public market landscape for years to come.