OpenAI Prepares Confidential IPO Filing as Soon as Today

U.S. Securities and Exchange Commission, according to a report from the Wall Street Journal. The filing could pave the way for a public listing as soon as September. The company’s last private funding round valued it at $852 billion. OpenAI could reach a valuation of up to $1 trillion by the time it goes public.

A $1 trillion IPO would rank among the largest wealth events in Silicon Valley history.

OpenAI remains unprofitable.

Executives have expressed concern about financing future compute contracts after missing internal revenue and user-growth targets. The company’s need for data centers, chips, and cloud capacity requires continued spending. The filing will detail cash burned on training models, serving models on cloud infrastructure, building data center capacity, and hiring AI talent.

It should also indicate whether the burn rate is trending downward and when the company might reach operating profit.

OpenAI transitioned to a for-profit public benefit corporation in October 2025. Microsoft owns roughly 27 percent of the new structure, while the OpenAI Foundation owns 26 percent. Current and former employees and other investors hold the rest. OpenAI president Greg Brockman has testified that his holdings are worth nearly $30 billion.

That figure could rise to roughly $35 billion at a $1 trillion valuation. The filing should clarify Sam Altman’s stake and any compensation package under the new structure.

OpenAI generated nearly $6 billion in revenue in the first quarter, aided by adoption of its coding tool Codex. The filing should break down revenue from ChatGPT subscriptions, enterprise contracts, API usage, and coding products. The risk section will address competition, customer concentration, dependence on partners, and capital needs.

It will also cover acknowledged risks including potential misuse of technology and ongoing lawsuits over psychological harms.