OpenAI Files Confidential IPO, Joining AI Rivals in a Wall Street Surge

OpenAI, the San Francisco-based creator of ChatGPT, announced on June 8 2026 that it had confidentially submitted a Form S-1 to the U.S. Securities and Exchange Commission. The filing enables a private review before any public prospectus is released. The company gave no timeline for a market debut and disclosed no share-price range or offering size.

The Guardian

Founded in 2015 as a nonprofit, OpenAI later adopted a capped-profit model and, in 2024, reorganized as a public-benefit corporation while remaining under nonprofit control. A March 2026 funding round raised $122 billion, valuing the firm at $852 billion (post-money); some reports cite a $730 billion pre-money figure. The move follows rival AI lab Anthropic’s confidential filing on June 1 (valuation $965 billion) and SpaceX’s imminent IPO targeting a $1.75 trillion market cap.

TechCrunch

• Valuation: OpenAI $852 billion; Anthropic $965 billion; SpaceX $1.75 trillion.

CNN

• Funding: $122 billion (March 2026) plus an earlier $110 billion round.

Bloomberg

• Revenue: Reported $2 billion in monthly revenue (? $24 billion annually); other sources note $13 billion annual revenue.

CNN

• Spending: Projected $115 billion over the next four years; $600 billion in compute costs projected through 2030; expected $14 billion loss in 2026.

Bloomberg

• Users: Approximately 900 million weekly active users; total user base surpassed 1 billion in 2025.

RTTNews

A public listing would grant OpenAI access to billions of dollars for AI-compute infrastructure while obligating it to disclose financials, governance and risk metrics. The IPO could set valuation benchmarks that shape capital flows across the rapidly expanding generative-AI sector.

CNET

OpenAI’s X post read: “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 trade-offs and this gives us the option to go public sooner if that ends up being best.” CFO Sarah Friar told Euronews the firm is “operating with the discipline expected of a listed company” and that “public markets are much bigger than the private markets.” CEO Sam Altman told CNBC that “going public is a financing event, and I don’t think that’s one that we’re focused on the timing of. We’ll do it when we think it makes sense.” A federal jury dismissed Elon Musk’s lawsuit, with OpenAI describing the claims as “baseless.”

CNBCStraight Arrow NewsForbesBusiness InsiderAssociated Press

Multiple lawsuits allege ChatGPT contributed to self-harm and mass-shooting incidents; OpenAI denies liability. Analysts point to a widening gap between massive chip-and-data-center spend and profitability, noting a projected $14 billion loss in 2026 and no profit expected until 2030. Governance concerns linger after Altman’s brief 2023 ouster and the company’s hybrid nonprofit-for-profit structure. Some market observers question whether near-$1 trillion valuations are justified given current revenue and cash-burn rates.

TechCrunch

Valuation is reported as $852 billion (post-money) and $730 billion (pre-money). Revenue estimates range from $13 billion annually to $24 billion derived from $2 billion monthly. The filing provides no details on share count, price range or exact timing.

TechCrunch

• “We expect it to leak so we're just announcing it.” — OpenAI, X statement

CNBC

• “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.” — OpenAI, X statement

BBC News

• “But, you know, going public is a financing event, and I don't think that's one that we're focused on the timing of. We'll do it when we think it makes sense.” — Sam Altman, CNBC interview

Business Insider

• “Speaking to The Associated Press in April, OpenAI chief financial officer Sarah Friar said the company was already operating with the discipline expected of a listed company, including measuring revenue according to standards required for SEC reporting.” — Sarah Friar, Euronews interview

Euronews

OpenAI plans a tender offer allowing employees to sell shares at the latest valuation before any public offering. The SEC will review the confidential S-1; a public prospectus could emerge 6–9 months later. Analysts speculate a September debut, though the company has not set a date. The market reception of Anthropic’s and SpaceX’s IPOs will likely influence OpenAI’s pricing and timing strategy.

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