OpenAI Prepares Confidential IPO Filing After SpaceX Filing
OpenAI is preparing to file confidential IPO paperwork with the U.S. Securities and Exchange Commission. The Wall Street Journal reported the filing could lead to a public listing as soon as September.
finance.yahoo.comU.S. Securities and Exchange Commission, according to a report from the Wall Street Journal. The filing could lead to a public listing as soon as September. The company’s most recent private funding round valued it at $852 billion. Reports indicate the valuation could reach $1 trillion by the time it goes public.
Companies may file confidentially with the SEC and receive feedback before making the S-1 public. The S-1 must be published at least 15 days before the company begins its road show, which usually occurs one to two weeks before the IPO. OpenAI CEO Sam Altman told staff this week that filing for an IPO is different from being ready to go public.
The company would not list until it was ready, he said.
The S-1 is expected to detail how much cash OpenAI is burning on training models, serving models on cloud infrastructure, building data centers, and hiring AI talent. It should also indicate whether the burn rate is trending downward and when the company may reach operating profit.
The filing will show OpenAI’s ownership structure. Microsoft owns roughly 27 percent of the public benefit corporation, while the OpenAI Foundation owns 26 percent. Current and former employees and other investors hold the rest. OpenAI generated nearly $6 billion in revenue in the first quarter, according to The Information.
The S-1 is expected to break down revenue by ChatGPT subscriptions, enterprise contracts, API usage, and coding products such as Codex.
Key Facts
Story Timeline
4 events- October 2025
OpenAI finalized transition into a for-profit public benefit corporation.
1 source@FortuneMagazine - This week
OpenAI CEO told staff filing for IPO differs from being ready to go public.
1 source@FortuneMagazine - Today
OpenAI may make confidential SEC filing as soon as today, per reports.
1 source@FortuneMagazine - September 2026
Possible public listing date if filing proceeds on schedule.
1 source@FortuneMagazine
Potential Impact
- 01
Microsoft’s stake could be valued at roughly $270 billion before dilution.
- 02
Investors will receive detailed data on OpenAI’s cash burn and path to profit.
- 03
The filing may influence timing of other AI company IPOs including Anthropic.
Transparency Panel
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