OpenAI has taken the first formal step toward going public, confirming on June 8 that it confidentially submitted a draft S-1 registration statement with the U.S. Securities and Exchange Commission. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the offering.
The company was last valued at approximately $852 billion in a March 2026 funding round. Reports suggest a potential December 2026 debut, though OpenAI has not committed to a specific timeline and has indicated there are strategic moves it wants to complete while still private.
The filing comes as OpenAI surpasses $25 billion in annualized revenue, though profitability remains elusive. An analysis of recent financials suggests the company lost approximately $1.22 for every dollar earned in the most recent quarter, underscoring the massive compute costs underpinning its frontier models.
The move places OpenAI alongside SpaceX and Anthropic in a historic cluster of major tech IPO filings in 2026. Anthropic has also filed confidentially with the SEC, setting up what could be the most consequential wave of AI company listings since the sector's breakout in 2023.