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OpenAI announces confidential S-1, joining Anthropic IPO race
Confirmed
What we know
OpenAI said it has submitted a confidential S-1 registration statement to the U.S. Securities and Exchange Commission, telling markets it expected the filing to leak and chose to announce it itself. The ChatGPT maker — valued above $850 billion in recent private rounds — has not set a listing date, saying it may stay private longer because some work is easier off-market, while keeping the option to go public sooner.
The disclosure completes a mega-IPO trifecta narrative alongside Anthropic’s confidential filing and SpaceX’s roadshow toward a Friday Nasdaq debut under SPCX. OpenAI framed the notice as a Rule 135 announcement, not an offer to sell securities. CNBC and Fortune covered the move in Tuesday’s cycle as Wall Street weighed AI listings against Middle East war risk.
What's confirmed
- OpenAI: confidential S-1 submitted; "we expect it to leak so we're just announcing it"; timing undecided (OpenAI/Fortune/CNBC).
- Valuation framing: >$850B private; joins Anthropic under file and SpaceX pre-debut week (CNBC/SiliconANGLE).
- Rule 135 notice: not an offer to sell; registration requirements still apply (OpenAI).
- No share count or price range disclosed while paperwork stays confidential (Fortune/CNBC).
What's still developing
- When OpenAI pulls the confidential cover and sets an IPO window vs staying private into 2027.
- How SpaceX’s Friday print and Anthropic’s calendar change OpenAI’s timing calculus.
- First public look at OpenAI financials once the S-1 is made public.