OpenAI files confidentially for IPO as AI rivals push toward public markets
OpenAI has filed confidentially for an initial public offering, the company said Monday, marking a major step toward the public markets just over a week after rival Anthropic made a similar move.
A quiet filing with loud implications
The ChatGPT maker said it submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed IPO. OpenAI, last valued at $852 billion post-money, did not disclose timing, size or other terms of the offering.
“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company,” the company wrote in a blog post. “But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.”
OpenAI said it published the announcement because it expected the filing to leak.
In a separate post published around the same time, OpenAI laid out a broad philosophical statement about its mission, its vision for AGI and its belief that AI should benefit all of humanity. The decision to go public with that kind of messaging so close to a confidential filing stands out, particularly as companies entering a quiet period have typically been more cautious.
The move comes as the regulatory climate appears more permissive for tech and AI companies. The SEC under the Trump administration has taken a more hands-off approach than in previous years, and OpenAI may be betting that the environment gives it more room to maneuver.
The filing also adds momentum to what could be one of the busiest years ever for marquee tech listings. SpaceX is also expected to debut at a $1.75 trillion valuation, raising the possibility that three of the most closely watched companies in technology could reach the public markets within months of one another.
OpenAI is moving ahead even as it faces financial pressure. The Wall Street Journal reported the company recently missed internal targets for new users and revenue, while CFO Sarah Friar has reportedly raised concerns about whether OpenAI can support its enormous data center spending.
The scale of that spending is striking. In late March, OpenAI secured $122 billion in the largest funding round in Silicon Valley history, including $3 billion from retail investors through bank channels. Yet the company reportedly expects to spend roughly that amount on computing power for AI research alone in 2028, and projects burning $85 billion that year even after doubling sales from the prior year.
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