SAN FRANCISCO, May 20, 2026, 10:04 PDT
- OpenAI is said to be getting ready for a confidential IPO filing, with reports pointing to a possible move in the next days or weeks.
- The move is set to gauge how public markets respond to high-growth AI names dealing with big data-center expenses.
- Anthropic’s growth and SpaceX’s planned listing are adding to the pressure on timing.
OpenAI is getting ready to file for an IPO soon, the Wall Street Journal said Wednesday. The ChatGPT developer is talking with bankers at Goldman Sachs and Morgan Stanley on a draft prospectus, which could get filed confidentially as early as Friday, Reuters said, citing the Journal. If it happens, it could be among the biggest technology IPOs ever.
OpenAI’s capital requirements are climbing just as investors face calls to back more AI infrastructure, including chips, power, and data centers. A confidential filing would allow OpenAI to send draft IPO documents to the SEC for private review, instead of disclosing them right away. The SEC now allows more companies to use this process.
OpenAI said in a statement to Bloomberg, “We regularly evaluate a range of strategic options. Our focus remains on execution.” Bloomberg reported Goldman Sachs and Morgan Stanley are working with the company on a draft prospectus, which could be filed in the near term. Bloomberg
The company is aiming for a public debut in September, but that could shift, Investing.com said, citing the Journal. The move comes after OpenAI’s recent court victory over co-founder Elon Musk, according to the report. The company still faces questions about whether its revenue growth will match up with rising data-center spending commitments.
OpenAI is working toward a possible listing that could put its value as high as $1 trillion. Reuters wrote last year that OpenAI thought about raising $60 billion or more in an IPO. CFO Sarah Friar has mentioned to associates that a 2027 listing could also be on the table.
Friar told CNBC last month that OpenAI would set aside some IPO shares for individual investors. The company just raised over $3 billion from individual backers in its most recent funding. Friar called it “good hygiene” for a company OpenAI’s size to “look and feel and act … like a public company.” Reuters
Anthropic’s race with OpenAI heats up. The Claude chatbot company told Reuters in April that its annualized revenue now tops $30 billion, putting it ahead or close to OpenAI’s most recently revealed run rate of at least $24 billion. Tokens — these are data units for measuring chatbot tasks — have turned into a main source of revenue, with most of the growth coming from coding and business use.
SpaceX is testing IPO appetite again, with Reuters reporting Tuesday that Goldman Sachs will likely land the senior “lead left” underwriting job. SpaceX could go public as soon as June 12, targeting about $75 billion in fresh capital and a valuation near $1.75 trillion. Reuters
But things are still messy. Reuters reported this week that a U.S. jury sided against Musk in his case against OpenAI, which takes away a hurdle for a possible IPO. Musk says he will appeal, and the trial blasted Altman’s leadership into the spotlight. Wedbush’s Dan Ives called the verdict “a huge win for Altman and OpenAI despite the scrapes and bruises on Altman’s persona and leadership,” saying it removed a big overhang. Reuters
AI demand isn’t in doubt for public investors, but the focus is on whether profits can cover the costs. “After the initial excitement, it’s going to be really critical for the companies to show what their profits are,” Anthony Saglimbene, chief market strategist at Ameriprise, told Reuters in April. Reuters
