OpenAI files for IPO, following Anthropic

Overview

OpenAI told the public on Monday, June 9, 2026, that it confidentially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission, the first formal step toward going public. The move came about one week after rival Anthropic filed the same paperwork on June 1, turning a year-long race between the two AI labs into a public-market contest. Because the filing is confidential, key numbers such as revenue, executive pay, and business risks stay private for now. OpenAI was last valued near 852 billion dollars and is reportedly targeting a public valuation approaching 1 trillion dollars.

Key Takeaways

OpenAI confidentially submitted a draft Form S-1 to the SEC on June 9, 2026, the standard first step before a company can sell shares to the public.
The filing followed Anthropic's own confidential S-1 on June 1, putting the two largest AI labs roughly a week apart in the IPO process.
A confidential filing lets OpenAI get private feedback from regulators while keeping financials, executive pay, and risk disclosures out of public view for now.
OpenAI was last valued at about 852 billion dollars and is reportedly aiming for a public valuation near 1 trillion dollars.
The company said it has not set a date, noting a listing might be a while away because some plans are easier to pursue as a private company.
Goldman Sachs and Morgan Stanley are reported to be managing the offering, with a possible listing window from September into the fourth quarter of 2026.

Stats & Key Facts

#About 852 billion dollars: OpenAI's most recent private valuation, from a March 2026 funding round.
#Roughly 1 trillion dollars: the reported target valuation for OpenAI's public listing.
#About 965 billion dollars: the reported valuation tied to rival Anthropic, described as the world's most valuable startup.
#About 2 billion dollars: OpenAI's reported monthly revenue as of March 2026.
#About 900 million: weekly active users of ChatGPT reported around the filing.
#Top 15: where OpenAI's valuation would rank among S&P 500 companies, according to CFO Sarah Friar.

OpenAI files for IPO, following Anthropic

What a Confidential Form S-1 Filing Actually Does

The filing is a draft, not a finished offering.

›A Form S-1 is the registration document a company must file before it sells shares on a public stock exchange.
›Filing it confidentially lets the company hand a draft to the SEC and get private feedback before any public version appears.
›Details normally found in a public S-1, including executive compensation, business risks, and detailed financials, stay hidden during this stage.
›The confidential route is common for large companies because it reduces the chance of revealing sensitive numbers too early.

Why OpenAI Announced a Filing That Was Meant to Stay Private

A confidential filing is normally not publicized, so OpenAI's choice to announce it stood out. The company said plainly that it expected the news to leak and decided to get ahead of it, stating that it announced the submission rather than wait for an inevitable disclosure.

OpenAI also signaled it is in no rush. It said it has not decided on timing and that a listing might be a while away because there are things it wants to do that are easier to handle as a private company. That framing suggests the filing is a placeholder for future flexibility rather than a commitment to a near-term debut.

The OpenAI Versus Anthropic IPO Race

Two rivals are now on parallel public-market tracks.

›Anthropic filed its own confidential S-1 on June 1, about a week before OpenAI's announcement.
›Anthropic has been described as the world's most valuable startup, tied to a valuation near 965 billion dollars after its latest fundraise.
›OpenAI's last private valuation of about 852 billion dollars places it in the same league, with a public target reported near 1 trillion dollars.
›The near-simultaneous filings turn a year of fundraising competition into a contest over who reaches the public markets first.

Valuation, Revenue, and Scale Behind the Numbers

OpenAI's reported 852 billion dollar valuation came out of a March 2026 funding round, and CFO Sarah Friar said a figure at that level would rank the company among the 15 largest in the S&P 500. The reported aim for the listing reaches toward 1 trillion dollars, though confidential status means the exact target is not officially confirmed.

On the business side, reporting put OpenAI's monthly revenue at about 2 billion dollars as of March 2026, with ChatGPT reaching roughly 900 million weekly active users. The company has also been spending heavily on computing infrastructure, which has weighed on profitability. Those costs are part of why a large capital raise through a public listing has been discussed as a logical next step.

Banks, Timing, and What Comes Next

Several practical pieces of the offering are taking shape.

›Goldman Sachs and Morgan Stanley are reported to be managing the offering.
›A possible listing window runs from September 2026 into the fourth quarter, subject to market conditions.
›The public version of the S-1, with full financials, would appear closer to the actual listing date.
›OpenAI has stressed flexibility, leaving room to delay if conditions or company plans shift.

What This Means for Non-Technical Business Readers

A confidential S-1 is a signal of intent, not a stock you can buy today. Shares only become available to the public after the SEC review finishes and the company files a public S-1 and sets a price. For now, the filing tells the market that OpenAI is preparing the option to raise large amounts of money from public investors.

For business owners watching the AI sector, the takeaway is that the two leading labs are moving toward public ownership at roughly the same time. Public companies face more disclosure requirements, so an eventual listing would give customers and partners a clearer view of OpenAI's revenue, costs, and risks that are hidden today.

Frequently Asked Questions

Can I buy OpenAI stock now?

No. OpenAI has only filed a confidential draft S-1, which is an early step. Shares become available to the public only after the SEC review is complete, a public S-1 is filed, and a price is set, and OpenAI has not announced a date.

What is the difference between a confidential and a public S-1?

A confidential S-1 is a draft submitted privately to the SEC so the company can get feedback before disclosure. A public S-1 reveals detailed financials, executive pay, and business risks and signals that an offering is closer.

How does OpenAI's filing compare with Anthropic's?

Both submitted confidential S-1 filings within about a week of each other, Anthropic on June 1 and OpenAI on June 9, 2026. Anthropic has been tied to a valuation near 965 billion dollars, while OpenAI was last valued near 852 billion dollars.

When might OpenAI actually go public?

OpenAI has not set a date and said a listing might be a while away. Reporting points to a possible window from September 2026 into the fourth quarter, but the company stressed it would stay flexible based on market conditions.

Why would OpenAI go public at all?

OpenAI is spending heavily on computing infrastructure and needs large amounts of capital. CEO Sam Altman has previously described an IPO as the most likely path given the company's scale and funding needs.

OpenAI's confidential S-1 is the opening move toward a public listing, not a finished deal, and it sets up a public-market race with Anthropic that the rest of 2026 should clarify. Until a public filing appears with full financials, the headline numbers stay estimates rather than confirmed figures.