OpenAI Files for IPO, Targeting $850B Valuation After Anthropic

OpenAI, the company behind ChatGPT, has filed a confidential S-1 prospectus with the US Securities and Exchange Commission, marking a major step toward a public stock market debut. The filing, confirmed publicly on June 8, 2026, targets a valuation of approximately $850 billion, with the company reporting annualized revenues exceeding $25 billion.

A Race to Go Public

The move intensifies a high-stakes IPO race among the leading AI companies. OpenAI's filing came roughly one week after Anthropic filed confidentially on June 1 at a reported valuation of $965 billion. SpaceX, owned by Elon Musk, has already begun an IPO roadshow at a near-$1.75 trillion valuation, setting the stage for what could be the largest tech listings in history.

Goldman Sachs, Morgan Stanley, and JPMorgan are leading the offering. Reports indicate a potential listing window of September to November 2026, though OpenAI has cautioned that its debut "may be a while" given its projected cash burn of approximately $27 billion for the full year 2026.

Financials and Challenges

Despite its massive revenue growth, OpenAI continues to operate at significant losses. Analysis suggests the company loses roughly $1.22 for every dollar earned, reflecting enormous compute infrastructure costs. The IPO proceeds are expected to fund continued model development, data center expansion, and global market growth.

The public filings will also intensify scrutiny of OpenAI's corporate governance structure, including the unique relationship between its nonprofit parent and its for-profit arm. Tech investors are watching closely whether the valuation holds in public markets after the AI euphoria of recent years.