OpenAI has confidentially filed for an initial public offering with the US Securities and Exchange Commission.
The ChatGPT maker confirmed it had submitted a draft S-1 on Monday (June 8).
The filing arrives one week after rival Anthropic, the company behind the Claude chatbot, made a confidential IPO submission of its own.
“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” OpenAI said in a statement.
“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company,” the ChatGPT maker added.
“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company.”
OpenAI
“But it’s a complicated set of tradeoffs,” OpenAI said, “and this gives us the option to go public sooner if that ends up being best.”
Founded more than a decade ago, OpenAI kicked off the generative AI boom with the release of ChatGPT in late 2022.
OpenAI is working with Goldman Sachs Group and Morgan Stanley on a potential listing as soon as the fall, people familiar with the matter told Bloomberg.
OpenAI is also planning to launch a tender offer of its shares in the coming weeks, to provide liquidity to employees before it goes public, according to the report.
A spokesperson for OpenAI declined to comment to Bloomberg.
OpenAI closed a USD $122 billion funding round in March that valued it at $852 billion post-money.
In February, the company told investors it was planning to spend about $600 billion on AI infrastructure by 2030, according to Bloomberg.
OpenAI and Anthropic are among the AI developers racing to raise tens of billions of dollars to buy chips and build data centers.
OpenAI has reportedly missed certain internal revenue and user-growth targets.
Several executives have departed or stepped back from their roles at OpenAI, and the company has worked to streamline its product lineup, the report added.
Anthropic filed its own confidential paperwork with the SEC on Monday (June 1).
The Claude developer’s most recent private round lifted its valuation to $965 billion – above OpenAI‘s for the first time.
Anthropic said its run-rate revenue crossed $47 billion in May.
The company was founded in 2021 by a group of former OpenAI staff, including CEO Dario Amodei, who had served as OpenAI‘s vice president of research.
OpenAI CEO Sam Altman played down the idea of a race to go public against Anthropic in an interview with CNBC on June 1.
“We’ll do it when we think it makes sense,” Altman said.
Both OpenAI and Anthropic are moving toward the public markets while entangled in the music industry’s fight over AI training.
OpenAI was reported by The Information last year to be developing a generative AI music tool that can create music from text or audio prompts.
The company has worked with students at the Juilliard School to annotate musical scores for training data, according to that report.
German collecting society GEMA won a landmark copyright ruling against OpenAI in a Munich court in November 2025 over the unauthorized reproduction of song lyrics in ChatGPT; OpenAI is weighing an appeal.
Anthropic faces a $3 billion copyright lawsuit from Universal Music Publishing Group, Concord Music Group, and ABKCO Music over the alleged infringement of more than 20,000 songs.
The publishers first sued Anthropic in October 2023 over around 500 works.
They say the larger second case could be one of the largest non-class-action copyright cases ever filed in the US.
Neither OpenAI nor Anthropic has set a timeline for its market debut.Music Business Worldwide
