Key facts
- OpenAI has confidentially filed for a U.S. initial public offering.
- The filing was made on Monday, June 8.
- Rival AI firm Anthropic has also confidentially filed for a U.S. IPO.
- OpenAI is reportedly targeting a valuation of up to $1 trillion.
- The company has not disclosed the size or terms of the offering.
OpenAI, the creator of ChatGPT, has confidentially filed for an initial public offering (IPO) in the United States, marking a significant step toward becoming a publicly traded company. The move, reportedly made on Monday, June 8, follows a similar confidential filing by rival AI firm Anthropic. Both companies are seeking to capitalize on strong investor demand for exposure to the rapidly expanding artificial intelligence sector.
OpenAI has not disclosed the size or terms of the offering, and a timeline has not yet been determined, with the company stating that some initiatives might be easier to pursue as a private entity. However, Reuters reported that the AI giant is targeting a valuation of up to $1 trillion, which would position it among a trio of trillion-dollar companies potentially debuting in the market. This would represent a significant test of investor appetite for high-growth technology stocks.
The IPOs from OpenAI and Anthropic are seen as crystallizing a transformative period for the technology industry, with AI emerging as a defining investment theme. OpenAI reported generating $2 billion in monthly revenue in March. The company also reported over 900 million weekly active users for ChatGPT and more than 50 million consumer subscribers.
OpenAI was established in 2015 as a research nonprofit, later creating a for-profit arm to fund its AI development. Its unique structure, with the nonprofit controlling the for-profit entity, faced scrutiny in late 2023 when CEO Sam Altman was briefly ousted. In December 2024, OpenAI announced plans to overhaul its structure by creating a public benefit corporation to facilitate capital raising. This overhaul drew criticism from early backer Elon Musk, who subsequently sued OpenAI, accusing executives of turning the nonprofit into a vehicle for private enrichment. A U.S. jury ruled against Musk in May, finding the company not liable, which analysts suggest removed a significant overhang for potential public investors.
AI heavyweight Anthropic revealed it had confidentially filed for a U.S. IPO earlier this month. Anthropic, which operates AI chatbot Claude, last raised $65 billion at a post-money valuation of $965 billion in late May.
SpaceX filed publicly for its hotly anticipated U.S. initial public offering last month, moving the firm closer to what could be the biggest stock market flotation ever. In February, SpaceX acquired Musk's artificial intelligence startup xAI in a record-setting deal. If SpaceX raises $75 billion, it would be the world's largest IPO, eclipsing oil major Saudi Aramco's 2019 listing.