OpenAI files confidential IPO, eyes up to $1 trillion valuation
OpenAI announced that it has confidentially submitted a draft S‑1 registration statement to the U.S. Securities and Exchange Commission, signalling the first step toward a possible initial public offering. The company said it has “not decided on timing yet” and that the filing gives it the option to go public sooner if market conditions warrant. OpenAI did not disclose the size or terms of the offering, but analysts estimate the potential valuation could approach $1 trillion, placing it among the largest tech IPO candidates.
The filing follows a wave of AI‑related market activity, with rival Anthropic also filing a confidential IPO and SpaceX preparing its own Wall Street debut. OpenAI, valued privately at about $852 billion, reports more than 900 million weekly ChatGPT users and roughly $2 billion in monthly revenue. The move is aimed at raising capital to sustain the high‑cost development of large‑scale AI models.
In parallel, OpenAI is re‑architecting ChatGPT into a “super‑app,” adding AI agents, coding tools such as Codex, and broader platform integrations to boost profitability ahead of a listing. Senior staff have described the shift as a “complex set of trade‑offs” that will let the company tap public‑market funding while continuing to compete with Anthropic and other AI firms.