OpenAI files for US IPO as AI giants race to public markets

TL;DR:

  • OpenAI has confidentially filed for a US IPO, reportedly targeting a valuation of up to $1tn, with a debut possible as early as September.
  • It follows Anthropic’s filing on 1 June and an imminent SpaceX listing, setting up a cluster of trillion-dollar tech debuts.
  • A jury verdict against Elon Musk’s lawsuit removed a key legal obstacle to OpenAI’s float.

OpenAI has confidentially filed for a US initial public offering, the ChatGPT maker confirmed on Monday, joining rival Anthropic in a push toward public markets as investors chase exposure to artificial intelligence. The company gave no size or timeline, cautioning that listing “may be a while” — though Reuters has reported a valuation target of up to $1tn and a debut as soon as September.

A queue forming at the exit

The filing lands days after Anthropic — maker of the Claude coding assistant — disclosed its own confidential filing, weeks after a $65bn raise that valued it at $965bn. Musk’s SpaceX is set to go public this week in what would be the largest IPO on record. Together the three would form the most consequential test of investor appetite for high-growth tech in a decade. OpenAI told backers earlier this year it was raising $110bn at an $840bn valuation, with more than 900 million weekly ChatGPT users, but did not expect profitability until 2030.

Not everyone is rushing. Perplexity confirmed separately that it is holding to a 2028 IPO timeline “regardless” of how its larger rivals fare, with chief executive Aravind Srinivas calling this week’s SpaceX float “a leading indicator” for the others. Some bankers warn the mega-deals could drain capital from smaller listings — “what OpenAI does not want is for the public market capital to exhaust itself,” said D.A. Davidson’s Gil Luria.

Looking forward

For UK readers, the timing is pointed: these floats arrive in the same week markets wobbled over whether AI spending will ever pay back, and as Britain pours public money into sovereign compute. Public listings force disclosure — revenue, losses, the path to profit — that private rounds have obscured. Whether investors reward AI promise or demand AI profit will set the tone for valuations far beyond Silicon Valley, including the UK firms hoping to raise on the same narrative.

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