OpenAI Files Confidential IPO Registration Amid AI Industry Surge

OpenAI disclosed a confidential filing for a U.S. initial public offering on June 8 2026. The filing, made in New York, does not reveal share count, price range, or timing, but signals the company’s move from private to public markets.

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Founded in 2015 as a nonprofit, OpenAI created a for-profit arm in 2019 and announced a public-benefit corporation structure in 2024 to attract capital. Notable milestones include a $13 billion Microsoft investment (2019), a brief ouster of CEO Sam Altman in 2023, CFO Sarah Friar’s 2025 suggestion that the U.S. government “backstop” AI spending, and a March 2024 valuation of $852 billion after a $122 billion raise. Rival Anthropic filed for an IPO in May 2024 with a $965 billion valuation, intensifying competition.

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OpenAI reports 900 million weekly active users, aims for 122 million paid subscribers to its $8 plan in 2026, and posted $2 billion in monthly revenue, growing roughly four times faster than internet-era peers. Ads are projected to become the primary revenue source by 2030. Backers include SoftBank, Amazon, Nvidia and Microsoft.

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The filing tests investor appetite for high-growth AI firms and could unlock hundreds of billions of capital. Alongside Anthropic and SpaceX, OpenAI’s debut may reshape the U.S. IPO market and influence financing for AI development.

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OpenAI’s newsroom note said the company has not set a public-offering date, emphasizing that the confidential filing provides flexibility to list “sooner if that ends up being best.” The firm reiterated its focus on scaling infrastructure and noted ongoing negotiations with Microsoft to broaden cloud partnerships. Friar’s earlier “backstop” comment was later clarified as exploratory.

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Elon Musk, an early backer, warned that OpenAI’s structure enables private enrichment and sued the firm; a U.S. jury dismissed the case in May 2025. Consumer groups have raised concerns about AI-driven content safety, while Anthropic argues that OpenAI’s valuation may be unsustainable.

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Sources list OpenAI’s valuation at $852 billion, while Reuters speculated a $1 trillion IPO target. Revenue figures differ, with one report citing $2 billion monthly revenue and another noting $1 billion quarterly revenue at the end of 2024. The filing omits share quantity and price range.

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• “It may be a while because there are things we want to do that are likely easier as a private company,” — OpenAI (press release)

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Analysts anticipate an IPO window as early as September 2026, contingent on market conditions and regulatory review. Upcoming earnings reports and ongoing AI-ethics debates will likely shape investor sentiment ahead of a public debut.

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