OpenAI files confidential US IPO filing, targeting $1 trillion valuation

OpenAI has submitted a confidential S‑1 registration statement to the U.S. Securities and Exchange Commission, opening the path to a public listing on Wall Street. The filing indicates a current private valuation of more than $850 billion and the possibility of a market capitalisation exceeding $1 trillion if the shares are priced at the top end of the range.

The company said the timing of a potential IPO remains open, with a possible launch in the fourth quarter of the year. It is working with investment banks Goldman Sachs and Morgan Stanley and is preparing a tender‑offer program that would let employees sell a portion of their holdings at the latest private valuation.

The move follows a recent court decision dismissing a lawsuit by Elon Musk and comes amid a competitive AI funding rush, with rivals such as Anthropic also filing confidential IPO paperwork. OpenAI’s ChatGPT now serves roughly 900 million weekly users, underscoring the scale of the business that investors will evaluate as it moves toward a public offering.