OpenAI announced on Monday, June 8, that it had submitted a confidential S-1 registration statement to the U.S. Securities and Exchange Commission. The company chose to make the announcement itself, explaining simply: “We expect it to leak, so we’re just announcing it.”
OpenAI is currently valued at $852 billion following a record-breaking $122 billion funding round closed in March — the largest private funding round in Silicon Valley history. The round included Amazon, Nvidia, SoftBank, and Microsoft among its backers. The company is now generating $2 billion in monthly revenue, up from $1 billion per quarter at the end of 2024.
Goldman Sachs and Morgan Stanley are leading the filing process, with a potential listing as early as September 2026. However, OpenAI has not committed to a specific timeline, noting that “there are things we want to do that are likely easier as a private company.”
According to projections reviewed by the Wall Street Journal, OpenAI expects to spend roughly $100 billion on computing power for AI research alone in 2028, burning through $85 billion that year even after doubling its revenue. In other words, the company is asking public market investors to fund a business that, by its own forecasts, will not be cash-flow positive for at least four more years.
The IPO comes in the middle of an extraordinary two-week window for AI capital markets. Anthropic filed its own confidential prospectus on June 1 at a $965 billion valuation, while SpaceX has already launched an investor roadshow targeting a $1.77 trillion raise — what would be the largest IPO in history. All three filings within two weeks signals that the AI industry is entering a new phase: the race to public markets has officially begun.
