OpenAI has confidentially filed a Form S-1 with the SEC, initiating the IPO process. This follows rival Anthropic's similar move on June 1st.
OpenAI has taken a preliminary step toward an IPO by confidentially filing a Form S-1 with the US Securities and Exchange Commission. This follows a similar move by rival Anthropic on June 1st.
OpenAI and Anthropic have been competing in an IPO race for the better part of a year. Anthropic, after its latest fundraising, is now valued at $965 billion post-money, surpassing OpenAI's $852 billion valuation, making it the world's most valuable startup. OpenAI has been preparing for an IPO for months, but reports indicate that some executives, including CFO Sarah Friar, have been less enthusiastic than CEO Sam Altman about a fast-tracked IPO due to missed revenue targets, slowing user growth, and concerns about covering compute spending commitments.
The confidential filing signals that OpenAI's IPO is moving forward, though key details remain undisclosed. The pace of the IPO—whether accelerated or delayed—will depend on OpenAI's ability to address financial concerns. This IPO is expected to be one of the most anticipated public offerings in history, drawing significant market attention.