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OpenAI Files Confidentially for IPO as Anthropic Also Moves Toward Markets

The confidential S‑1 preserves OpenAI’s option to raise public capital to pay for large chip and data‑center costs without immediately disclosing detailed financials.

FILE - Sam Altman arrives at the U.S. District Court in Oakland, Calif., April 30, 2026. (AP Photo/Godofredo A. Vásquez, file)
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Overview

  • OpenAI said Monday it submitted a confidential S‑1 to the U.S. Securities and Exchange Commission, taking a formal step toward a possible IPO while saying it has not set timing.
  • Anthropic confidentially filed earlier in June and both companies are working with major banks, with reports naming Goldman Sachs and Morgan Stanley as advisers.
  • The firms say they need public capital because training and running advanced models require huge spending on chips, cloud capacity and data centers that have driven massive private fundraising.
  • Reports show OpenAI has large user and revenue metrics but is not yet cash‑flow positive and has told investors it expects heavy spending through 2030, a point that the public filings will clarify.
  • The clustered filings, together with SpaceX’s planned listing, will expose governance, legal risks and revenue details to public scrutiny and could shape investor demand and pricing for all three offerings.