OpenAI Takes First Step Toward Wall Street Debut with Confidential IPO Filing

OpenAI has quietly filed paperwork to go public, setting the stage for what could become one of the highest-valued stock market entries in history. The company disclosed Monday that it submitted a confidential S-1 registration to the SEC, the standard first step toward an initial public offering. With a valuation north of $850 billion, the move signals OpenAI’s intent to test public markets—though leadership isn’t rushing the timeline.

“We expect it to leak, so we’re just announcing it,” the company noted in a blog post. “We haven’t decided on timing yet. There are things we want to do that are easier as a private company, but this gives us the option to go public sooner if that ends up being best.”

The confidential filing gives regulators time to review OpenAI’s financials before they’re made public. The company’s journey from a 2015 nonprofit research lab to a for-profit AI powerhouse has been remarkable, fueled by ChatGPT’s explosive 2022 launch. But follow-up hits have been elusive: a video app called Sora launched with Disney, then shut down in April 2026, and an acquisition of Jony Ive’s startup hasn’t yet yielded a breakthrough device.

OpenAI’s IPO arrives during a banner year for AI companies entering public markets. Rival Anthropic filed last week, and Elon Musk’s SpaceX—which owns xAI—is expected to follow soon at a $1.75 trillion valuation. Despite missing revenue targets and facing over a dozen lawsuits alleging ChatGPT-driven harm, OpenAI continues to secure major partnerships with Microsoft, Google, Nvidia, and the Trump administration. A recent legal win against Musk’s suit, which sought to revert OpenAI to nonprofit status, removed one key hurdle—though investor scrutiny over profitability and liability remains.