OpenAI said Monday that it has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering, becoming the second major artificial-intelligence company to move toward a public listing in less than two weeks.
The ChatGPT maker disclosed the filing in a blog post, saying it expected the submission to become public and chose to announce it rather than wait. The company said it had not settled on a timeline and that a debut could be some way off because certain plans are easier to pursue as a private company, while adding that the filing preserves the option to list sooner.
OpenAI did not disclose the size, share price or terms of the proposed offering. Reported estimates of its target valuation have varied: Reuters reported a figure of up to $1 trillion, while other outlets have cited lower ranges. OpenAI has not confirmed a valuation. The company was most recently valued at about $852 billion on a post-money basis in late March, according to CNBC.
The filing follows a similar move by rival Anthropic, the maker of the Claude chatbot, which announced its own confidential IPO filing on June 1 after a funding round that valued it at roughly $965 billion. Both companies are widely expected to target listings in the second half of 2026, with sources cited by several outlets pointing to a possible debut as early as September.
A confidential filing begins a months-long review process and is not itself a commitment to list. Under the procedure, a company submits a draft prospectus for private SEC review before publishing a full registration statement ahead of any roadshow. The disclosures that accompany a public S-1 would reveal OpenAI's revenue and margins in detail for the first time.
OpenAI has raised more than $180 billion to date and continues to spend heavily on the computing capacity and infrastructure needed to train and operate its models, according to CNBC. CFO Sarah Friar told the network in April that it was "good hygiene" for a company of its size to operate like a public company, but did not give an IPO timeline. The company also plans a tender offer allowing employees to sell shares at the most recent valuation, a person familiar with the plans told CNBC.
The move comes weeks after a U.S. jury dismissed a lawsuit brought by Elon Musk against OpenAI's leadership, a case widely viewed as the most prominent legal obstacle to a listing.
The filings add to an unusually crowded pipeline of high-profile technology offerings. SpaceX began a roadshow for its own listing last week, and the rocket company named OpenAI, Anthropic and Google among its key competitors in AI in its filing, according to CNBC.
© 2026 HNGN, All rights reserved. Do not reproduce without permission.
