OpenAI IPO plans moved forward after the company filed a confidential draft registration statement with the US Securities and Exchange Commission on May 22. The filing starts the path toward a public offering that could value the ChatGPT maker above $1 trillion.
OpenAI IPO filing and lead banks
Goldman Sachs, Morgan Stanley and JPMorgan are leading the deal, according to the source article. CEO Sam Altman is said to be targeting a September 2026 debut. However, he also said starting the filing process does not mean the company is ready to list.
Altman added that some strategic moves may be easier while OpenAI remains private. He also said he expected the filing to leak.
OpenAI IPO valuation and private funding history
OpenAI’s most recent private valuation was $852 billion in March. That came after the company closed a $122 billion funding round, which the source described as the largest in private market history.
The source said public market analysts expect the offering could price above $1 trillion. If that happens, the deal would exceed every technology IPO on record.
The filing will also force OpenAI to disclose its revenue and cost structure. The source said the company is generating roughly $25 billion in annualised revenue. It also said the company loses more than a dollar for every dollar it earns.
Rival Anthropic is also pursuing a public listing. The source said it is targeting October 2026 at a valuation above $900 billion. The near-simultaneous plans would give investors a direct, audited comparison of frontier AI economics at scale.
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