OpenAI Files for U.S. IPO as AI Giants Race Toward Public Markets

OpenAI Joins Anthropic and SpaceX in High-Stakes IPO Push

OpenAI, the company behind ChatGPT, has confidentially filed for a U.S. initial public offering, marking a major step in the ongoing artificial intelligence investment boom and signaling a new phase in Silicon Valley’s race for dominance in generative AI.

The filing places OpenAI alongside rivals Anthropic and SpaceX as some of the most closely watched technology companies preparing to enter public markets. Investors on Wall Street and in Silicon Valley have increasingly focused on AI as the defining growth sector of the decade, with expectations that these offerings could reshape the U.S. IPO landscape.

OpenAI confirmed the filing Monday but did not disclose the size of the offering or a timeline for the debut. The company said it remains uncertain when it will move forward, noting that some strategic initiatives may be easier to pursue while privately held.

Reuters previously reported that OpenAI is targeting a valuation of up to $1 trillion, with a potential IPO arriving as early as September.

Trillion-Dollar Valuations Raise Stakes for Investors

If OpenAI reaches its projected valuation, it would join a group of AI-driven companies seeking trillion-dollar market values in rapid succession.

Elon Musk’s SpaceX has already filed for what could become the largest IPO in history, pursuing a $75 billion offering tied to a reported $1.75 trillion valuation. Meanwhile, Anthropic — creator of the fast-growing coding assistant Claude Code — confidentially filed for its own U.S. IPO earlier this month after securing a funding round that valued the company at roughly $965 billion.

The clustering of these offerings is expected to become one of the most important tests of investor appetite for high-growth technology stocks since the social media and mobile internet boom of the 2010s.

Michael Ashley Schulman, partner at Cerity Partners, said OpenAI appears to be keeping its options open as competition intensifies among AI companies seeking public capital.

Prediction markets had largely anticipated OpenAI would file before Anthropic, underscoring how closely investors are tracking developments in the sector.

The AI Boom Continues to Reshape Tech Markets

The planned IPOs reflect the growing dominance of artificial intelligence across the technology industry and broader financial markets.

Earlier this year, OpenAI disclosed plans to raise $110 billion at an $840 billion valuation from major investors including SoftBank, Amazon, and Nvidia. The company also said ChatGPT had surpassed 900 million weekly active users and more than 50 million paying subscribers worldwide.

The rapid expansion highlights how AI products have moved beyond experimental tools into mainstream business and consumer applications across industries ranging from software development to education and finance.

OpenAI’s relationship with Microsoft has also played a central role in its rise. Microsoft has invested roughly $13 billion in OpenAI since 2019, helping accelerate the growth of both OpenAI and Microsoft’s Azure cloud-computing business.

The companies recently renegotiated their partnership, allowing OpenAI greater flexibility to pursue additional alliances with firms including Amazon and Google parent Alphabet.

Revenue Growth Surges Despite Long-Term Profit Questions

OpenAI reported in March that it was generating approximately $2 billion in monthly revenue, a dramatic increase from about $1 billion in quarterly revenue at the end of 2024.

According to a source familiar with the matter, the company told investors during its latest fundraising discussions that it does not expect to achieve profitability until 2030.

That long runway has become a central issue for investors evaluating the AI sector. Companies are spending heavily on computing infrastructure, advanced semiconductor chips, and talent recruitment as competition accelerates.

In the United States, where tech investors have increasingly sought the next major growth platform after cloud computing and mobile apps, AI has emerged as the dominant theme across both venture capital and public equity markets.

Rivals Gain Ground in Crowded AI Sector

Despite OpenAI’s early lead, competition within the AI industry has intensified rapidly.

Anthropic has become one of OpenAI’s strongest challengers, fueled by strong demand for its Claude AI products among software developers and enterprise clients. Some businesses are also using Anthropic’s advanced models to identify software vulnerabilities and improve cybersecurity systems.

Analysts say the growing number of mega-sized AI offerings could strengthen the broader U.S. IPO market but may also pull investor capital away from smaller companies attempting to go public.

Gil Luria, managing director at D.A. Davidson, said OpenAI faces pressure from both competitors already ahead in the IPO pipeline and established public technology firms capable of raising billions through secondary stock offerings.

Conclusion

OpenAI’s confidential IPO filing marks another milestone in the race to commercialize artificial intelligence at global scale. As OpenAI, Anthropic, and SpaceX prepare for potentially historic market debuts, investors are now watching closely to determine whether enthusiasm for AI can sustain the extraordinary valuations driving the sector’s rapid expansion.

John Irving

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