SAN FRANCISCO — OpenAI has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering, the artificial intelligence company said on Monday.
The maker of ChatGPT submitted the confidential S-1 paperwork, taking a formal step toward a potential public listing, according to a company blog post. OpenAI has not set a timeline for the offering and said it may remain private for some time.
"We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it," the company said in the post. "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. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best."
The filing follows a similar move by rival Anthropic, which confidentially submitted its own draft S-1 on June 1. It also comes as other major AI-related companies, including Elon Musk’s SpaceX, prepare for public debuts.
OpenAI, based in San Francisco, was last valued at about $852 billion following a fundraising round in March. Reports have indicated the company could seek a valuation of up to $1 trillion in a public debut, though no specific terms were disclosed in the filing.
The move reflects growing investor interest in artificial intelligence companies. OpenAI has experienced rapid growth since launching ChatGPT in late 2022, but it also faces significant costs related to computing infrastructure and talent. The company has projected substantial losses in the current year due to those expenses, according to previous reports.
Details of OpenAI’s financial performance and other information typically included in an S-1 remain confidential at this stage. The SEC review process for such filings can take several months.
OpenAI CEO Sam Altman has previously discussed the company’s ambitions to advance artificial general intelligence while navigating regulatory and safety concerns. The potential IPO would mark a significant shift for the organization, which began as a nonprofit before transitioning to a for-profit structure with a capped-profit subsidiary.
The company said it continues to evaluate the tradeoffs of going public versus staying private. No additional details on potential listing venue, share structure or underwriters were released.
Industry analysts have pointed to a broader wave of AI companies preparing for public markets amid high demand for technology stocks tied to the sector. However, OpenAI emphasized that the filing provides flexibility without committing to an immediate public offering.
The development was first reported after the company’s proactive disclosure on Monday. Further updates are expected as the SEC review progresses and any additional filings are made public.
