OpenAI Files for IPO, One Week After Rival Anthropic

OpenAI, the team behind ChatGPT, has confidentially submitted a Form S-1 with the US Securities and Exchange Commission. This filing marks the beginning of its journey toward an initial public offering (IPO). Interestingly, it follows closely after Anthropic, OpenAI’s closest rival, made a similar move.

What Is a Confidential IPO Filing?

Filing “confidentially” doesn’t mean OpenAI is keeping it under wraps. It’s more about the company submitting its financial details to the SEC for review before they go public. You can think of it like applying to college before the school releases the acceptance list. This way, OpenAI gets feedback from regulators confidentially before the numbers are made available to everyone. The complete S-1 will be accessible to investors and the public only after that review process is complete.

OpenAI shared the news in a blog post on Monday, June 8, 2026. The company was last valued at $852 billion during a private funding round, positioning it as one of the most valuable private companies ever. Going public would open the door to a larger pool of capital and allow everyday investors to purchase shares for the first time.

A Race to Go Public

The timing of these filings is hard to miss. Anthropic, which was founded in 2021 by former OpenAI researchers, including CEO Dario Amodei, filed its own confidential S-1 just days ahead of OpenAI. Both companies have been fiercely competing in the AI assistant and AI model markets, and now that rivalry extends to Wall Street.

According to The Verge, OpenAI and Anthropic have been in an IPO race “for the better part of a year.” OpenAI is also following the path of SpaceX, another well-known private company making strides toward the public markets. Wired notes that OpenAI filed “on the heels of SpaceX and Anthropic,” indicating a larger trend of significant private tech firms opting to go public right now.

Why Is This Happening Now?

Several reasons likely drive both companies to seek public markets simultaneously. AI has surged as one of the hottest investment sectors globally. There’s strong demand for AI-related stocks. Companies like Nvidia have enjoyed significant gains linked to the AI boom. OpenAI and Anthropic probably want to tap into this investor enthusiasm while it’s still vibrant.

Funding plays a crucial role, too. Training advanced AI models is incredibly costly and requires extensive computing resources. By going public, these companies can raise substantial amounts of money consistently, rather than relying on sporadic private funding rounds.

What This Means for Everyday Users

If you use ChatGPT, an IPO probably won’t change your experience immediately. However, it does have some important long-term implications.

First, public companies have to respond to shareholders, which private ones don’t. This might lead to pressure to monetize more aggressively. You could see higher subscription fees, more ads, or features behind paywalls. On the upside, public scrutiny might also encourage companies to be more transparent about how their products operate and what data they collect.

Second, with an IPO, everyday investors will finally have the chance to buy shares of OpenAI. Until now, only venture capital firms and large institutions could invest in the company.

Third, keep an eye on what the full S-1 reveals. Once OpenAI’s financials go public, we’ll get a real sense of how much revenue ChatGPT generates, its growth rate, and the costs involved. Those figures will shed light on whether OpenAI’s lofty valuation holds up.

Community Reactions

“An $852B valuation private company going public… I’d love to see those actual revenue numbers when the S-1 drops. That’s going to be a wild read.”

— u/techmarket_watch, Reddit

“Both OpenAI and Anthropic filing within the same week feels less like coincidence and more like both companies watching each other’s moves obsessively. It’s almost funny.”

— YouTube commenter on The Verge’s IPO coverage

What To Watch

• The public S-1 filing: Once the SEC finishes its review, OpenAI’s financial disclosures will be available. That’s when we’ll see real revenue, user numbers, and cost details. No confirmed date yet, but these reviews typically take several months.
• Anthropic’s timeline: With both companies in the SEC pipeline, it’s worth watching to see which one goes public first. The race isn’t over just because both filed.
• Market conditions: The timing of an IPO heavily depends on stock market performance. If markets become volatile, either company might decide to postpone their public debut.
• Regulatory review: The SEC may raise questions about AI-specific risks or disclosures, which could slow things down. AI governance is a moving target right now, adding complexity to the process.