OpenAI confidentially files S-1 for IPO

OpenAI has confidentially submitted a Form S-1 with the U.S. Securities and Exchange Commission, taking a formal step toward a potential public listing.
OpenAI follows Anthropic in the IPO race. The company announced the filing on Monday, one week after rival Anthropic confidentially submitted its own draft S-1 on June 1. Both companies have been preparing for potential public debuts amid a broader wave of high-profile tech IPOs that also includes SpaceX.

The confidential nature of the filing means certain details — including executive compensation, potential business risks, and detailed financial information — will remain private until OpenAI chooses to make a public version available or proceeds further with the process.
Recent private valuations place Anthropic ahead of OpenAI. Following its latest funding round, Anthropic holds a post-money valuation of approximately $965 billion. OpenAI’s most recent post-money valuation stood at $852 billion.
Prior reports have noted internal differences over OpenAI’s IPO timeline. Some executives, including CFO Sarah Friar, have expressed caution about moving too quickly toward a public listing, citing factors such as revenue targets and the scale of future compute investments. CEO Sam Altman has been more publicly supportive of exploring a public market path.
OpenAI has previously discussed major long-term compute spending plans. Earlier reports indicated the company had considered spending as much as $1.4 trillion on compute infrastructure, a figure that was later revised downward in communications with investors to around $600 billion by 2030.

The filing comes in the wake of other significant developments in the AI and tech sectors. It follows a May 18 jury verdict in the high-profile lawsuit brought by Elon Musk against OpenAI and Sam Altman, in which jurors found that Musk’s claims were barred by the statute of limitations. The ruling was a procedural win for OpenAI, though Musk has indicated plans to appeal.
It also precedes SpaceX’s planned IPO activities, with a target date around June 12. SpaceX has been preparing what could become one of the largest IPOs in history. In early 2026, SpaceX acquired xAI in an all-stock transaction. SpaceX has also disclosed a major compute agreement with Anthropic, under which Anthropic will pay $1.25 billion per month (approximately $15 billion annually) through May 2029 for access to SpaceX data center capacity.