OpenAI files for IPO, following rival Anthropic's confidential SEC filing

OpenAI announced it has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), a formal step toward an initial public offering (IPO). The company proactively disclosed the filing, acknowledging it expects the details to leak before the SEC makes them public. No specific timeline for the public offering has been decided, leaving the market speculating on a potential launch later this year or in early 2026. The move signals OpenAI's intent to transition from a capped-profit research lab to a publicly traded entity, following a massive $6.6B funding round in October 2024 that valued it at $157B.

OpenAI's filing comes shortly after rival Anthropic, maker of Claude, confidentially filed for its own IPO, intensifying the race to bring pure-play AI companies to public markets. Both firms are seeking to capitalize on surging demand for generative AI while navigating regulatory scrutiny and profitability pressures. An OpenAI IPO would offer retail and institutional investors direct exposure to the company behind ChatGPT, GPT-4o, and the rapidly expanding AI infrastructure business. However, uncertainties remain around valuation, governance structure (OpenAI's capped-profit model), and competition from Big Tech giants like Microsoft, Google, and Meta. The industry now watches for the SEC's review process and whether OpenAI will finalize its offering before or after the anticipated Anthropic debut.