OpenAI Files Confidential IPO in Blockbuster Wall Street Listing
The artificial intelligence arms race has officially moved to Wall Street. OpenAI, the maker of ChatGPT, has filed confidentially for an initial public offering, the company announced Monday in a blog post, marking one of the most consequential moves in tech market history.
The OpenAI IPO filing comes just over a week after its chief rival, Anthropic, submitted its own draft registration paperwork to the U.S. Securities and Exchange Commission. OpenAI, last valued at $852 billion post-money, submitted a draft registration statement to the SEC for a proposed public listing, with Goldman Sachs and Morgan Stanley serving as underwriters, according to reports.
A Race With No Clear Finish Line
OpenAI was deliberate in tempering expectations around timing. “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 its blog post. It added, however, that the confidential filing gives the company the flexibility to accelerate if market conditions favour an earlier debut.
Reports indicate OpenAI is targeting a valuation between $730 billion and $850 billion, with a potential September 2026 debut. Anthropic, meanwhile, filed at a staggering $965 billion valuation. Combined with SpaceX‘s expected debut at a $1.75 trillion valuation, 2026 is shaping up as a historic year for tech listings.
The OpenAI IPO will, for the first time, expose the company’s actual revenue, margins, and financial health to public scrutiny a critical moment for a company whose valuation has been driven largely by investor sentiment around the AI boom. Retail investors and index fund holders will gain direct access to OpenAI equity for the first time, previously exclusive to venture capital insiders.
Whether Wall Street’s appetite matches the hype remains the defining question of the year.
