Artificial Intelligence

OpenAI Confidentially Files for US IPO

Is OpenAI's IPO push a historic milestone for AI investing or a classic bubble top signal?

Published JUN 9

Story

Image credit: Omar Marques/SOPA Images/LightRocket/Getty Images

The Facts

OpenAI on Monday filed a confidential S-1 with the U.S. Securities and Exchange Commission, moving toward a potential initial public offering. The company said it has not decided on timing, noting "it may be a while" as some steps are easier to complete as a private company.
Fox Business
Tech in Asia
Openai
OpenAI is working with Goldman Sachs and Morgan Stanley on a potential listing as soon as autumn 2026. The company also plans to conduct a share tender offer in the coming weeks to provide employees with liquidity ahead of any public offering.
Bloomberg
Tech in Asia
OpenAI's confidential filing follows rival Anthropic's disclosure that it, too, had filed for a U.S. IPO, while Elon Musk's SpaceX, which absorbed xAI in a February 2026 merger, is also on the verge of going public at a roughly $1.77 trillion valuation.
Bloomberg
guardian
Financial Times
OpenAI completed a funding round valuing it at $852 billion and has raised more than $180 billion since its founding in 2015. The company reported approximately $2 billion in monthly revenue as of March, up from roughly $1 billion in quarterly revenue at the end of 2024.
The New York Times
Firstpost
OpenAI was founded in 2015 as a nonprofit research organization and created a for-profit arm in 2019 before converting to a public benefit corporation in December 2024. A U.S. jury ruled against Elon Musk in May after he sued the company over its shift away from its original nonprofit structure.
guardian
Firstpost
The Wall Street Journal
The company, which reportedly missed certain internal revenue and user growth targets, has said it expects to spend $115 billion over the next four years despite pulling in more than $13 billion in revenue last year.
The New York Times
New York Post

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Narrative A

OpenAI's confidential S-1 filing marks a turning point for AI — public markets are finally opening up to the biggest names in the space. With a valuation north of $850 billion, OpenAI joins SpaceX and Anthropic in a historic sprint toward public listings. The next chapter of AI won't just be written in research labs; it'll be written by everyday investors.

Spiros Margaris on X

Mario Nawfal on X

Narrative B

The hottest name in tech, OpenAI, started as a nonprofit meant to benefit humanity and is now chasing an $850 billion stock market valuation — that's a pretty telling reversal. Rushing to cash out at insane multiples while missing internal revenue targets looks less like a new AI era and more like a classic top signal.

Evas on X

The Dark Side of the Boom

Narrative C

Retail investors should approach high-profile IPOs with caution. If enormous profits truly remained on the table at the offered valuation, insiders would likely keep those gains for themselves rather than share them with the public. Companies often go public when early investors seek liquidity and an exit path. That doesn't guarantee poor returns, but it does mean retail buyers may be purchasing after much of the easy upside has already been captured.

HealthRanger on X