OpenAI confirmed on June 9, 2026, that it has confidentially submitted an S-1 form to the U.S. Securities and Exchange Commission for an initial public offering. The filing comes just days after Anthropic, OpenAI's primary competitor in the foundation model space, filed its own confidential paperwork on June 1, 2026, following a $65 billion funding round that valued it at $965 billion.
What Happened: OpenAI Enters the IPO Race
The Sam Altman-led company announced the confidential filing in a brief blog post on Monday, stating it expected news of the submission to leak and chose to disclose proactively. OpenAI did not specify the number of shares to be offered or a price range. The company is reportedly working with Goldman Sachs Group Inc. and Morgan Stanley as lead underwriters, with people familiar with the matter suggesting a potential debut as early as September 2026.
OpenAI was last valued at $852 billion post-money, making it one of the most valuable private companies globally. The confidential filing allows the company to begin IPO preparation without publicly disclosing detailed financials until closer to the actual listing. This move follows a broader trend of AI companies facing regulatory scrutiny as they scale toward public markets.
Why It Matters: AI Giants Race to Public Markets
The dual filings from OpenAI and Anthropic signal a watershed moment for the artificial intelligence industry. For years, the largest AI companies have remained private, funded by venture capital and strategic partnerships. Now, both major foundation model providers are moving toward public markets simultaneously, offering Wall Street its first direct window into the economics of building and operating frontier AI systems.
Anthropic's confidential S-1 followed a funding round that pushed its valuation to $965 billion, with secondary market trading on Forge Global implying a $1 trillion valuation — a 123% year-to-date appreciation. OpenAI's secondary stock has risen approximately 11.3% year-to-date. The race to go public also includes Elon Musk's SpaceX, which is targeting a $1.75 trillion valuation for its own debut, potentially making 2026 a historic year for technology listings. This mirrors the institutional embrace seen in Wall Street's crypto adoption as traditional finance integrates digital assets.
What's Next: Timing Uncertain, Financials Under Wraps
OpenAI cautioned that the IPO "may be a while" because certain strategic objectives are easier to pursue as a private company. The confidential filing keeps revenue, profitability, and capital expenditure details private for now. When the S-1 becomes public — typically 15-30 days before the roadshow — investors will get their first comprehensive look at the ChatGPT maker's financial engine, including the billions poured into computing infrastructure and research. The filing also comes amid growing competition from new coding-focused AI models entering the market.
The IPO wave reflects massive infrastructure spending across the sector, similar to how Oracle's $180 billion capex plan rattled investors earlier this month. Meanwhile, the Digital Asset $355M funding round led by a16z shows continued venture appetite for blockchain infrastructure that could intersect with AI. The Anthropic Fable 5 export ban further highlights regulatory risks for AI companies approaching public markets.