OpenAI has confidentially filed for an initial public offering with the SEC, positioning itself for a potential public debut as the AI arms race accelerates. The ChatGPT maker is working with Goldman Sachs and Morgan Stanley, with a listing possible as soon as the fall, according to Bloomberg. OpenAI has not committed to a timeline and may remain private longer.
The filing comes as competition intensifies. Anthropic, maker of the Claude AI, has also confidentially filed for a US IPO. It recently raised $65 billion at a $965 billion valuation, surpassing OpenAI's $852 billion valuation. The pressure to secure long-term funding is mounting as investors seek exposure to dominant AI players.
OpenAI has raised $122 billion to date and expects to spend roughly $600 billion on AI infrastructure by 2030. Going public would provide access to deeper capital, but also subject the company to greater scrutiny over its financial performance and executive turnover. OpenAI has missed some internal revenue targets, and several senior executives have departed.
The listing adds another chapter to the rivalry between Sam Altman and Elon Musk. SpaceX is reportedly targeting an IPO later this week that could raise more than $75 billion at a $2 trillion valuation, setting the stage for a wave of mega listings.