OpenAI has confidentially filed IPO paperwork with the SEC, with Goldman Sachs and Morgan Stanley advising on a potential autumn listing. This follows Anthropic's confidential filing last week at a $965 billion valuation and SpaceX's imminent listing at $1.8 trillion. OpenAI's move is partly driven by competitive pressure after Anthropic's valuation surpassed its own, and by the need to fund an estimated $600 billion in AI infrastructure spending by 2030. The S-1 will need to address missed revenue targets, executive departures, and the ongoing non-profit to for-profit restructuring. The simultaneous public market push by three AI-adjacent giants will test whether investor appetite can absorb mega-listings of this scale.
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OpenAI’s hedged languageThe competitive pressureThe challenges in the filingThree IPOs, one question278 Impressions