OpenAI submits confidential IPO filing, timing and terms undecided

OpenAI has submitted a confidential filing with the US Securities and Exchange Commission (SEC) for a potential initial public offering (IPO).

Specifics regarding the number of shares, price range, or timing of the listing have not been finalised, and the company indicated deliberations are ongoing.

OpenAI said: “It may be a while because there are things we want to do that are likely easier as a private company. We expect it to leak so we’re just announcing it.

“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.”

This move comes shortly after Anthropic, another major AI firm, submitted its own confidential S-1 registration for a proposed IPO. Anthropic is currently valued at $965bn, after recently securing $65bn in a funding round.

OpenAI’s filing follows speculation, reportedly from Reuters, suggesting the company could seek a market valuation of up to $1tn, with the possibility of a debut as early as September 2026.

Both OpenAI’s and Anthropic’s listings are expected to rank among the largest US tech IPOs in recent history, at a time when investor interest in AI companies continues to accelerate.

OpenAI has experienced rapid growth in recent years, underpinned by substantial external investment.

In February 2026, the company stated it was raising $110bn at a valuation of $840bn, supported by investors such as SoftBank, Amazon, and Nvidia.

Microsoft has invested $13bn in the ChatGPT developer since 2019, facilitating OpenAI’s technology development and strengthening Microsoft’s Azure cloud business. The companies renegotiated their partnership terms recently, enabling OpenAI to form new alliances with firms including Amazon and Google.

Operational data released by OpenAI indicated that ChatGPT has surpassed 900 million weekly active users and has more than 50 million consumer subscribers.

In March, the company reported monthly revenues of $2bn. It claimed a rate of growth that it described as about four times faster than Alphabet or Meta achieved during comparable stages of internet and mobile development.

OpenAI’s quarterly revenue at the end of 2024 stood at approximately $1bn.

Other companies in the AI sector are also making preparations for public offerings. SpaceX, led by Elon Musk, is considering an IPO seeking a $1.75tn valuation, which could set a record if completed.

Perplexity, another AI developer, has announced plans to pursue a public listing in 2028, regardless of how OpenAI’s and Anthropic’s offerings are received by the market.

Perplexity CEO Aravind Srinivas, in an interview to CNBC, said: “Agnostic of these two companies, we were planning for something in 2028, so that still remains the case.

“I think it’s important for the AI industry that these IPOs go well, and I actually think they will go well, because they’re doing well.”

In a related development, OpenAI recently launched a new subsidiary named DeployCo, the OpenAI Deployment Company, supported by over $4bn in initial funding.

DeployCo’s remit includes integrating AI within business processes, and as part of this initiative, OpenAI has acquired Tomoro, a consulting firm specialising in AI implementation. Around 150 engineers and specialists from Tomoro are expected to join DeployCo, pending regulatory clearance.