OpenAI Takes First Step Toward Stock Market Debut

OpenAI confirmed Monday it has confidentially filed an IPO with U.S. regulators, joining rival Anthropic as the AI sector moves toward public markets. No timeline, share count, or pricing was announced.
The company said the move preserves the option for an earlier listing, while some decisions are easier to handle as a private firm.
Reuters reported OpenAI is targeting a valuation near $1 trillion for a debut possible as early as September. Anthropic filed for a U.S. IPO on June 1 after a $65 billion funding round valued it at $965 billion.
SpaceX is also pursuing a $75 billion offering at a $1.75 trillion valuation. Analysts say the simultaneous push by three major AI companies toward public markets is the most significant development of its kind for technology investors in a decade.
$2 billion monthly revenue signals rapid growth beyond ChatGPT
In March, OpenAI raised $122 billion from SoftBank, Amazon, and Nvidia at a valuation of $840 billion to $852 billion. ChatGPT had exceeded 900 million weekly active users and 50 million paying subscribers.
Monthly revenue stood at $2 billion, up from roughly $1 billion per quarter at the end of 2024, growing nearly four times faster than Alphabet and Meta at comparable stages. Internal projections put the company’s break-even point no earlier than 2030.
JUST IN: OpenAI confidentially files for IPO. pic.twitter.com/sAORVBWEy1
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Beyond ChatGPT, OpenAI launched tools for government, healthcare, and finance, a web browser, consumer hardware plans, and an AI coding agent. It added a lower-cost $8 subscription tier and advertising as new revenue sources.
The Information reported in April that OpenAI projects 122 million subscribers this year and expects advertising to lead revenue by 2030.
A renegotiated Microsoft deal, covering $13 billion in investment since 2019, enabled growth at Azure and opened new agreements with Amazon and Alphabet.
OpenAI files its IPO amid legal battles and market pressure
Gil Luria of D.A. Davidson warned that large AI listings and Google’s recent secondary share sales could reduce the capital available for smaller offerings.
Michael Ashley Schulman of Cerity Partners said OpenAI appeared to be keeping its options flexible while Anthropic moved ahead in the IPO filing process. Prediction markets had expected OpenAI to file first.
OpenAI began as a nonprofit in 2015 and later added a for-profit arm under nonprofit oversight, a structure that drew attention when CEO Sam Altman was ousted by its board and reinstated within days in late 2023.
The company announced plans to convert to a public benefit corporation in December 2024. Early backer Musk filed a lawsuit alleging Altman and others redirected the organization from its founding mission for personal benefit.
A jury ruled against Musk in May, removing what analysts described as a significant legal obstacle ahead of the OpenAI IPO filing. His attorneys plan to appeal. Separate lawsuits link ChatGPT to shootings and suicides, and public skepticism toward AI persists.




