OpenAI Prepares Confidential IPO Filing After Judge Dismisses Elon Musk Lawsuit

OpenAI is preparing to move toward an initial public offering that could happen in September after a federal judge dismissed Elon Musk’s lawsuit that threatened to unravel the company’s entire for-profit transition.

Reuters reported that OpenAI is barreling toward a September IPO less than 24 hours after the dismissal, with sources close to the matter saying the ChatGPT maker is charging ahead toward public markets.

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CNBC confirmed that OpenAI is preparing to confidentially file a draft of its IPO prospectus as soon as Friday, as the company gears up for what could be one of the largest public markets debuts in history.

CNBC also tied the timing to the broader market moment, noting that SpaceX is set to publicly disclose its IPO prospectus as soon as Wednesday while OpenAI’s preparations follow the courtroom fight between Musk and OpenAI leadership.

Forbes added that the Wall Street Journal reported OpenAI is targeting a September public debut days after Sam Altman’s courtroom victory over Elon Musk, whose own rocket company unveiled IPO paperwork Wednesday.

CNBC said OpenAI is working with banks including Goldman Sachs and Morgan Stanley to prepare to file in the coming days or weeks, citing a source familiar with the matter who asked not to be named because the details are confidential.

In a statement, an OpenAI representative said, "As part of normal governance, we regularly evaluate a range of strategic options," and added, "Our focus remains on execution."

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Forbes reported that Goldman Sachs and Morgan Stanley are among the firms advising OpenAI on the draft prospectus, with September floated as a potential debut window, while noting that SpaceX unveiled IPO paperwork Wednesday early evening.

CNBC described how Musk and OpenAI CEO Sam Altman are taking their rivalry to Wall Street after Musk sued OpenAI, Altman and Greg Brockman, alleging they went back on their vow to keep the company a nonprofit.

The Tech Buzz said OpenAI started life as a nonprofit research lab in 2015 backed by Musk alongside Altman and other tech luminaries, and it described the dispute as escalating into Musk’s lawsuit alleging breach of contract and fiduciary duty.

CNBC said OpenAI is valued at more than $850 billion by private investors, while also noting that the company continues to burn through cash at a historic pace as it prepares for public markets.

Forbes reported a Big Number of $1 trillion as the approximate valuation OpenAI is eyeing for its public debut, and it said OpenAI’s last private valuation was $852 billion thanks to a $122 billion funding round in March.

The Tech Buzz said OpenAI’s last private funding round in early 2026 valued it at $157 billion and suggested a successful IPO could push that valuation even higher, potentially reaching $200 billion depending on market appetite.

CNBC framed the stakes around investor pressure and competition, saying Altman is under pressure from investors to show that the numbers work while facing stiff competition from rivals, most notably Anthropic.

TechCrunch added that Sam Altman reportedly hopes OpenAI will be ready to go public by September, and it said the company may file IPO paperwork confidentially with regulators within days or weeks after Musk lost his lawsuit.