OpenAI has confirmed it confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering. The company announced the move on X, anticipating the leak of the confidential filing.
An S-1 is the document companies file to register shares for public sale. The confidential option allows regulators to review paperwork before detailed financials become public.
However, OpenAI cautioned that the filing does not signal an imminent IPO. The company stated, "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 filing gives them the flexibility to go public sooner if it proves advantageous.
The announcement follows months of speculation and reports that OpenAI had engaged Goldman Sachs and Morgan Stanley for a September IPO. The move also comes after the dismissal of Elon Musk's lawsuit challenging OpenAI's corporate structure.
OpenAI is not alone in its public market ambitions. Rival AI developer Anthropic recently disclosed a confidential IPO filing, and Elon Musk's SpaceX unveiled its IPO plans earlier this year.