OpenAI quietly files for IPO, readies Wall Street for AI mega-debut

• OpenAI serves over 900 million weekly active ChatGPT users but has raised more than $180 billion in funding while still burning cash to secure compute infrastructure and train AI models
• Anthropic recently closed a funding round at a $900 billion valuation, exceeding OpenAI's $852 billion valuation and intensifying competition to go public first
• OpenAI is working with Goldman Sachs and Morgan Stanley on the filing and shifting focus internally by shuttering fringe projects to emphasize enterprise business and its Codex coding assistant

OpenAI Confidentially Files for IPO in Major AI Market Development

Key Developments:

OpenAI has confidentially filed for an IPO with the SEC, positioning itself for what could become one of the largest public market debuts in history. The filing comes amid a wave of AI company public offerings, following Anthropic's confidential filing one week prior and preceding Elon Musk's SpaceX trading debut by days.

Company Valuation and Timeline:

OpenAI is currently valued at $852 billion (as of late March) and targets an IPO as early as Q4 2025. The company is working with Goldman Sachs and Morgan Stanley as lead underwriters. Meanwhile, competitor Anthropic recently closed funding at a higher valuation, surpassing OpenAI's.

Business Metrics:

• ChatGPT serves over 900 million weekly active users
• OpenAI has raised more than $180 billion in funding
• The company continues burning cash for compute infrastructure and AI model development

Strategic Focus:

CEO Sam Altman outlined "phase three" of OpenAI's evolution, emphasizing making AI "abundant, affordable, safe, useful, and easy" for widespread adoption. The company has streamlined operations by shuttering fringe projects like Sora while investing heavily in enterprise solutions and Codex, its coding assistant competing with Anthropic's Claude Code.

Market Implications:

The simultaneous IPO preparations by OpenAI, Anthropic, and SpaceX could represent the three largest IPOs on record. Market reception of SpaceX's offering will likely influence timing strategies for OpenAI and Anthropic as they compete for investor capital. CFO Sarah Friar previously indicated OpenAI is operating with public company discipline, though financial scrutiny regarding profitability remains a key concern for potential investors.