English
OpenAI Takes Major Step Toward Public Listing
OpenAI, the pioneering artificial intelligence company behind ChatGPT, is preparing to confidentially file a draft of its IPO prospectus as soon as Friday, CNBC has confirmed. The move marks a significant milestone for one of the most valuable private companies in the world and sets the stage for what could be one of the largest public market debuts in history.
The company, valued at more than $850 billion by private investors, is working with banking giants Goldman Sachs and Morgan Stanley to prepare the filing in the coming days or weeks, according to a source familiar with the matter who spoke on condition of anonymity because the details are confidential.
"As part of normal governance, we regularly evaluate a range of strategic options," an OpenAI representative said in a statement. "Our focus remains on execution." The company has been preparing for an IPO as soon as the fourth quarter of 2026, as previously reported by CNBC.
Record-Breaking Valuation and Financial Picture
OpenAI closed the largest private fundraise in history on March 31, 2026, raising $122 billion at an $852 billion valuation. Major investors include Amazon ($50 billion anchor), Nvidia ($30 billion), and SoftBank ($30 billion). The company's run-rate revenue has reached roughly $2 billion per month — approximately $24 billion annualized — with 900 million weekly active users.
However, the company continues to burn through cash at a historic pace. OpenAI reported $3.7 billion in revenue in 2024 but posted a $5 billion loss. Projections indicate losses could reach $14 billion by 2026 due to aggressive spending on computing infrastructure and talent. CEO Sam Altman has outlined plans for up to $600 billion in computing infrastructure investment by 2030.
Wall Street Powerhouses Lead the Charge
The involvement of Goldman Sachs and Morgan Stanley as lead underwriters signals a major Wall Street-backed debut. These banks are expected to help OpenAI navigate the regulatory requirements and market positioning for what analysts predict could push the company's market capitalization beyond $1 trillion upon listing.
OpenAI CFO Sarah Friar told CNBC last month that it is "good hygiene" for a company of OpenAI's size to "look and feel and act" like a public company, though she declined to comment on a specific timeline. The confidential filing allows OpenAI to keep sensitive financial details under wraps while working through SEC requirements.
Rivalry with Elon Musk and SpaceX Heats Up
OpenAI's IPO preparations come as Elon Musk's competitor SpaceX, which merged with xAI earlier this year, is set to publicly disclose its IPO prospectus as soon as Wednesday. SpaceX's offering is expected to bring in a record-breaking sum after it was most recently valued at $1.25 trillion in February.
Goldman Sachs will have the lead left position on the SpaceX prospectus, followed by Morgan Stanley, then Bank of America, Citigroup, and JPMorgan Chase. The simultaneous IPO preparations have intensified the bitter rivalry between Musk and OpenAI CEO Sam Altman, former friends and co-founders who spent much of the last month facing off in federal court in Oakland, California.
Musk sued OpenAI, Altman, and Greg Brockman, the company's president, alleging they went back on their vow to keep the company a nonprofit. On Monday, an advisory jury ruled that Musk waited too long to sue, a verdict immediately adopted by Judge Yvonne Gonzalez Rogers. Musk called the decision a "calendar technicality" in a post on his social network X.
The 2026 AI IPO race between OpenAI and SpaceX is drawing intense investor interest, with prediction market Kalshi estimating an 83% chance OpenAI will list before Anthropic, another major AI competitor.
Competitive Landscape and Market Implications
OpenAI kickstarted the AI boom with the launch of ChatGPT in 2022 and has since ballooned into one of the most valuable private companies globally. However, it faces increasingly stiff competition from rivals, most notably Anthropic, which is winning in the enterprise and AI coding markets.
Anthropic is currently in talks with investors to raise money at a $900 billion valuation, which would push it ahead of OpenAI. The company said in April that it has topped $30 billion in annualized revenue and recently hit its first profit.
Microsoft owns approximately 27% of OpenAI, and an April 2026 partnership amendment restructured exclusivity rights for a revenue-sharing arrangement, clearing governance complexity that had been a potential roadblock for the IPO. The OpenAI Microsoft partnership restructuring removed key obstacles for the public listing.
What Investors Need to Know
The IPO raise is expected to be approximately $60 billion, which would make it one of the largest capital raises in stock market history. Key risks include a narrowing model edge against Anthropic, heavy compute costs, and a 40x revenue multiple that is higher than any public SaaS company at scale.
Some institutional investors see a "valuation gap," with Bridgewater's Greg Jensen noting the implied 35x forward revenue multiple is "priced for a monopoly outcome that does not yet exist." The AI stock market valuation debate continues to divide analysts as the IPO approaches.
FAQ
When will OpenAI go public?
OpenAI is targeting an IPO as soon as the fourth quarter of 2026, with September being the earliest possible date. The company has filed confidentially, which allows it to prepare while keeping financial details private.
How much is OpenAI worth?
OpenAI was valued at $852 billion in its March 2026 private fundraising round. Analysts predict the public listing could push the market capitalization beyond $1 trillion.
Who is underwriting the OpenAI IPO?
Goldman Sachs and Morgan Stanley are the lead underwriters for the OpenAI IPO, with both banks working closely with the company on the confidential filing.
How does OpenAI's IPO compare to SpaceX's?
SpaceX is also preparing an IPO, valued at $1.25 trillion in its most recent private round. Both companies are expected to debut in 2026, creating a historic competition between two of the most valuable private companies in the world.
Is OpenAI profitable?
No, OpenAI is not yet profitable. The company reported $3.7 billion in revenue in 2024 but posted a $5 billion loss. Projections indicate losses could reach $14 billion by 2026 due to massive infrastructure investments.
Sources
CNBC: OpenAI to confidentially file for IPO as soon as Friday
Wall Street Journal: OpenAI Is Preparing to File for an IPO Very Soon
Follow Discussion