OpenAI files confidential IPO paperwork, intensifying race with Anthropic

OpenAI took the first formal step toward a public listing, confidentially submitting a draft S-1 to the U.S. Securities and Exchange Commission and moving the ChatGPT maker into a race for capital that is already reshaping the AI industry. The filing landed one week after Anthropic’s own confidential IPO paperwork and came as investors increasingly treat frontier model development as a contest that will be decided as much by balance sheets as by technical breakthroughs.

OpenAI did not disclose the size or terms of the offering and said it had not yet decided on timing. The company also said some goals would be easier to pursue while remaining private, a reminder that the business is still balancing access to public-market cash against the flexibility of a private company. Even so, the filing signaled that OpenAI is preparing for a much larger financial and regulatory stage, one that could force it to answer quarterly to investors who want rapid growth, clearer monetization and a path to returns.

That shift matters because OpenAI is already at the center of one of the most expensive capital races in technology. The company was recently valued at more than $850 billion, and market chatter has pointed to a potential valuation near $1 trillion if it reaches the public markets later in 2026. The timing matters too: some coverage has suggested a debut as early as the fourth quarter, while Wall Street is also watching SpaceX, another possible giant listing that could rank among the three largest IPOs on record.

OpenAI’s filing also follows a major internal restructuring designed to make that fundraising path more workable. Its nonprofit OpenAI Foundation now controls OpenAI Group PBC, a public benefit corporation, after a recapitalization meant to preserve mission oversight while giving the for-profit arm more room to raise capital. That structure may ease the mechanics of a listing, but it does not eliminate the tension between commercial pressure and safety commitments.

Anthropic has already framed its own confidential filing as a way to move toward a public offering after SEC review, putting both companies on the same starting line for Wall Street attention. For OpenAI, the implication is broader than a single IPO. A public listing would lock in a new kind of discipline around spending, growth and governance just as the company and its rivals pour billions into chips, cloud infrastructure and model training. The result could be a stronger capital base for the AI boom, but also a harder test for whether mission-led promises can survive once shareholders are part of the equation.