OpenAI Confidentially Files for U.S. IPO After Anthropic, Joining AI Stock Surge

OpenAI, the maker of ChatGPT, confidentially filed for a U.S. initial public offering, joining rival Anthropic in a push toward the stock market as AI stocks surged.

Reuters reported that OpenAI did not disclose the size or terms of the offering and said a timeline has not yet been determined, while OpenAI told investors, "It may be a while because there are things we want to do that are likely easier as a private company."

Benzinga

The filing comes after Reuters said OpenAI was targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September, and after Anthropic confidentially filed for a U.S. IPO on June 1.

OpenAI’s confidential filing also followed its earlier fundraising, when it said it was raising $110 billion at an $840 billion valuation, and it disclosed that ChatGPT had more than 900 million weekly active users and over 50 million consumer subscribers.

The Verge said OpenAI submitted a Form S-1 with the US Securities and Exchange Commission, following Anthropic’s decision to do the same on June 1st, as the companies competed for a public listing that could crystallize the AI boom into Wall Street scrutiny.

OpenAI’s IPO filing set up a direct comparison with Anthropic’s earlier move, with Reuters saying Anthropic confidentially filed on June 1 after raising $65 billion in a funding round that valued it at $965 billion.

Firstpost said OpenAI confidentially filed for a US IPO days after Anthropic, and it repeated OpenAI’s statement that, "It may be a while because there are things we want to do that are likely easier as a private company."

CBS News

Fortune reported that OpenAI submitted paperwork for an initial public offering with the US Securities and Exchange Commission and said it was working with Goldman Sachs Group Inc. and Morgan Stanley on a potential listing as soon as in the fall.

WIRED described the filing as the third company to file for what could be a trillion-dollar IPO this year, placing OpenAI alongside Anthropic and Elon Musk’s SpaceX, which publicly filed its IPO papers last month.

CNBC said OpenAI has been gearing up to go public as soon as the fourth quarter of this year, and it quoted OpenAI’s post that it had "not decided on timing yet; it may be a while" while it prepared a confidential S-1.

The IPO filings arrive as OpenAI faces scrutiny over whether its rapid growth can be sustained, with Reuters quoting Gil Luria of D.A. Davidson saying, "What OpenAI does not want is for the public market capital to exhaust itself."

WIRED said OpenAI will need the US Securities and Exchange Commission to sign off on its accounting and disclosures of potential risks, and it noted that the company’s structure could add unusual complexity to the review.

Reuters also said OpenAI told investors it did not expect to be profitable until 2030, while it reported that in March OpenAI said it was generating $2 billion in monthly revenue and growing roughly four times faster than companies that defined the internet and mobile eras.

The Verge added that the confidential filing means details normally available through the form—such as executive compensation figures and potential risks—aren’t yet public, even as it said OpenAI’s own debut would be compared with SpaceX’s planned June 12 IPO.

In parallel, WIRED said Musk’s lawsuit against OpenAI and its CEO was dismissed after a federal judge and jury ruled that he filed his lawsuit too late, but it also said OpenAI’s structure is still subject to ongoing scrutiny by California and Delaware state regulators.