OpenAI files confidential IPO, valuation at $852B, timeline uncertain

OpenAI has taken a formal step toward going public by submitting a confidential draft registration statement (S-1) to the U.S. Securities and Exchange Commission (SEC). The ChatGPT maker announced the filing publicly, anticipating leaks, but emphasized that it has not decided when—or whether—to proceed with an initial public offering. The company noted that some plans might be easier to pursue as a private entity. No IPO terms have been disclosed, including proposed share price, fundraising target, ticker symbol, revenue breakdown, or risk factors for public investors. The confidential filing allows OpenAI to begin SEC review without revealing its full financial picture. The company was last valued at $852 billion post-money, according to TechCrunch.

This development comes shortly after Anthropic also filed for an IPO, signaling a broader wave of AI companies testing public markets. OpenAI's filing follows a period of rapid growth through ChatGPT, developer tools, enterprise products, and government contracts. However, the confidential S-1 does not yet provide audited financials or clarity on revenue, losses, compute costs, legal exposure, or governance risks. The next major inflection point will be a public S-1, if OpenAI releases one, which would offer the first detailed look at its financial health. The timing aligns with increased investor scrutiny on AI infrastructure and model companies, as seen with the closely watched SpaceX IPO process tied to AI and Starlink.