OpenAI takes IPO step with SEC filing

June 09, 2026 (MLN): OpenAI has submitted a confidential S-1 filing to the US Securities and Exchange Commission, taking the first formal step toward an initial public offering.

The move comes a week after rival Anthropic made a similar filing and ahead of SpaceX's anticipated market debut.

The ChatGPT maker, valued at over $850 billion, is targeting a public listing as early as the fourth quarter of this year.

A confidential filing enables the company to undergo regulatory review of its financials before the documents are made available to the public and prospective investors.

The company said it has not finalized a timeline for the offering.

Alongside the IPO preparations, OpenAI is planning a tender offer that would allow employees to liquidate shares at its latest post-money valuation of $852 billion, offering near-term liquidity relief, according to sources familiar to the matter, CNBC reported.

In recent months, the company has moved to sharpen its internal focus, winding down peripheral projects including its short-form video application Sora.

Investment is being directed toward its enterprise business and coding assistant Codex, which competes directly with Anthropic's Claude Code.

Founded as a non-profit research lab, OpenAI broke into the mainstream with the November 2022 launch of ChatGPT, which has since grown to more than 900 million weekly active users.

Despite its scale, the company faces intensifying competition from Anthropic, Google, and xAI the latter having merged with Elon Musk's SpaceX earlier this year.

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