OpenAI Files Confidential S-1, Signaling Path to Public Markets

OpenAI submitted a confidential S-1 registration statement to the US Securities and Exchange Commission (SEC), taking its first formal step toward an initial public offering (IPO).

The company announced the move itself on X (formerly Twitter), saying it expected the filing to leak. 

OpenAI IPO Filing Lands as Listing Race Heats Up

OpenAI ranks among the world’s most valuable private companies. Its last funding round closed in March at a valuation of $852 billion.

The firm had been working with Goldman Sachs and Morgan Stanley on a confidential S-1 draft, BeInCrypto reported in late May.

OpenAI set no timeline and signaled it could remain private while weighing the tradeoffs of a public listing.

“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. But it’s a complicated set of tradeoffs, and this gives us the option to go public sooner if that ends up being best,” the team said.

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OpenAI is not moving alone. Anthropic filed its own confidential S-1, roughly a week earlier. Anthropic recently closed a $65 billion round at a valuation of $965 billion. That figure pushed it past OpenAI.

SpaceX leads the group. It is targeting a June 12 Nasdaq debut. Demand has reportedly reached about $150 billion, exceeding the $75 billion target. The order book closes this week. The coming weeks may reveal when OpenAI plans to join its rivals on public exchanges.