OpenAI is officially making moves to join the ranks of public companies. The company confirmed its confidential filing to the Securities and Exchange Commission on Monday, though it has yet to announce a definitive date for its public offering.
“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” the company wrote 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. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.”
This filing is the latest in a series of tech IPO announcements, coming approximately a week after competitor Anthropic’s S-1 form submission. The move also follows closely after news broke that SpaceX, which recently merged with xAI, plans to trade at $135 per share under the symbol SPCX in the coming days.
While SpaceX, now marketing itself as an AI-focused company, plans to raise $75 billion in its initial public offering, OpenAI has not specified its intended profit target. The company is currently valued at $852 billion following its $122 billion funding round from March.
The capital from an IPO will help OpenAI continue funding its goal to build AI in service of humanity. CEO Sam Altman and chief scientist Jakub Pachocki specified the company’s ambitions in a recent blog post, which include building an automated AI researcher, with AI systems expected to complete a significant portion of research by March 2028. As it enters the next phase of its business model, OpenAI ultimately aims to accelerate economic progress and connect people to artificial general intelligence.
“If we get this right, AI can become a foundation for greater productivity, creativity, scientific progress and economic opportunity for the many, and we will achieve our mission: to ensure AGI benefits all of humanity,” the executives wrote.
