OpenAI confidentially submitted a Form S-1 with the U.S. Securities and Exchange Commission on Monday, taking a formal step toward an IPO that has been months in the making. The filing moves the artificial intelligence company closer to a public debut while keeping the most sensitive details out of view for now.
Because the filing is confidential, the public cannot yet see executive compensation figures, business risks or the fuller financial picture that normally comes with an IPO document. That leaves investors guessing about the terms OpenAI may seek, even as the company’s latest post-money valuation stands at $852 billion.
The timing matters because Anthropic filed a confidential Form S-1 on June 1st, giving the two AI rivals near-simultaneous tracks toward the market. Anthropic’s most recent fundraise valued it at $965 billion, above OpenAI’s valuation, underscoring how closely the companies are being watched as the race for capital and credibility moves toward Wall Street.
OpenAI’s path has not been free of internal questions. Reports have said CFO Sarah Friar has been less enthusiastic about the fast-tracked IPO than CEO Sam Altman, with concerns centering on missed revenue targets, user growth and whether the company can finance all of its compute spending commitments. OpenAI initially said it planned to spend $1.4 trillion on compute infrastructure, and in February told investors it expected that figure to reach $600 billion by 2030.
The filing also arrives weeks after the jury reached a verdict in the Musk v. Altman trial, adding another high-profile milestone to a year in which OpenAI’s corporate plans have stayed under intense scrutiny. For now, the most important unanswered question is not whether OpenAI is heading for the market, but how much of the company’s financial story it will eventually be willing to show.
That answer will come when the S-1 becomes public, along with the valuation, pricing and risk disclosures that will tell investors whether OpenAI is seeking a standard debut or something more aggressive.
