OpenAI files for US IPO after Anthropic as AI giants head…

OpenAI has confidentially filed for an initial public offering (IPO) in the U.S., aiming for a valuation up to $1 trillion, potentially launching as early as September 2026. This move positions it alongside competitors Anthropic and SpaceX, who are also pursuing IPOs, thereby intensifying the competition for investor funds in the rapidly growing AI sector. OpenAI has generated significant revenue, reportedly $2 billion monthly, and has a strong user base of over 900 million weekly active users. Recent legal issues involving Elon Musk have been resolved, clearing a key hurdle for the IPO. OpenAI, initially a nonprofit, has transitioned to include a for-profit component to sustain funding for its AI developments.

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OpenAI logo, a keyboard, and a robotic hand in this illustration taken June 5, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

Summary
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OpenAI targets up to $1 trillion valuation, IPO could come as early as September, source says
Rival Anthropic and SpaceX also pursue IPOs, intensifying competition for investor capital
Jury ruled against Elon Musk's lawsuit, removing legal hurdle for OpenAI's IPO

June 8 (Reuters) - ChatGPT maker OpenAI confidentially filed for a U.S. initial public offering recently, the company said on Monday, joining rival Anthropic in a push toward the stock market as investors seek exposure to the artificial intelligence boom.

OpenAI did not disclose the size or terms of the offering, and said a timeline has ‌not yet been determined. "It may be a while because there are things we want to do that are likely easier as a private company," it said in a statement.

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Reuters had reported that the AI giant is targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September.

At that valuation, OpenAI would set the stage for a trio of trillion-dollar-valuation companies debuting rapidly, which together are seen as the most consequential test of investor appetite for high-growth technology stocks in the last 10 years.

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Elon Musk's SpaceX was the first off the block, filing for an IPO that would rank as the largest in history if completed, with the company pursuing a $75 billion offering at a $1.75 trillion valuation.

Anthropic, the company behind the viral coding assistant Claude Code, said on June 1 it had confidentially filed for a U.S. initial public offering, weeks ⁠after raising $65 billion in a funding round that valued it at $965 billion.

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"OpenAI is keeping options open as Anthropic edged ahead with its filing after a monster funding round," said Michael Ashley Schulman, a partner at Cerity Partners.

On prediction markets, where traders wager on the outcome of future events, most participants had expected OpenAI to file for an IPO before Anthropic.

THE AI ERA

The IPOs of Anthropic and OpenAI would crystallize a transformative period for the technology industry and global markets, with artificial intelligence rapidly emerging as the defining investment theme of the decade.

OpenAI said earlier this year that it was raising $110 billion at an $840 billion valuation from a roster of heavyweight backers including SoftBank (9984.T), opens new tab, Amazon (AMZN.O), opens new tab and Nvidia (NVDA.O), opens new tab.

At the time, it also disclosed that ChatGPT had more than 900 million weekly active users and over 50 million consumer subscribers.

The IPO filing follows OpenAI renegotiating its partnership with Microsoft (MSFT.O), opens new tab, one of its earliest investors, which allowed the AI pioneer to forge new partnerships with firms such as Amazon.com and Alphabet's (GOOGL.O), opens new tab Google.

The Windows maker's early investment, totaling $13 billion since 2019, helped pave the way for OpenAI's rapid rise and powered growth at Microsoft's Azure cloud-computing business.

In March, OpenAI said it was generating $2 billion in monthly revenue and growing roughly four times faster than companies that defined the internet and mobile eras, including Alphabet and Meta (META.O), opens new tab.

That compares with about $1 billion in quarterly revenue at the end of 2024.

OpenAI told investors ‌during its ⁠most recent fundraising round that it did not expect to be profitable until 2030, according to a source familiar with the matter.

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CHALLENGERS GAIN MOMENTUM

Yet the industry OpenAI launched has quickly become crowded and investors are scrutinizing whether the AI sector's meteoric rise can be sustained.

Anthropic has emerged as one of the biggest rivals, with soaring demand for its Claude AI from software developers to handle their computer programming, and some firms deploying its top-shelf model Mythos to unearth vulnerabilities in their code.

While the blockbuster offerings could inject fresh momentum into the U.S. IPO market, some bankers warn they might also soak up capital that could otherwise flow to smaller deals.

"What OpenAI does not want is for the public market capital to exhaust itself," said Gil Luria, managing director of D.A. ⁠Davidson. "Not only are SpaceX and Anthropic ahead of it in line to IPO, large public competitors could also raise tens of billions of dollars each in public market secondary issuances, as Google just completed last week."

Global IPOs have raised $87.5 billion through May 26, the highest level since 2021

Musk-led SpaceX goes public this week.

NONPROFIT ROOTS SPARK LEGAL DISPUTE

OpenAI was founded in 2015 as a research-focused nonprofit, but created a for-profit arm four years later to help fund the soaring costs of developing artificial intelligence systems.

Its unusual structure, which gave the nonprofit control over the for-profit entity, came under intense scrutiny in ⁠late 2023 when CEO Sam Altman was briefly ousted before returning days later after employees revolted.

In December 2024, OpenAI unveiled plans to overhaul its structure by creating a public benefit corporation, saying the move would help it raise far more capital while easing restrictions imposed by its nonprofit parent.

OpenAI's overhaul quickly became controversial after sharp criticism from its early backer, Musk, who later sued OpenAI and accused Altman and other executives of turning the nonprofit into a vehicle ⁠for private enrichment.

A U.S. jury in May ruled against Musk in his lawsuit, finding the AI company not liable to the world's richest person for having allegedly strayed from its original mission to benefit humanity.

The unanimous verdict removed a key overhang on the IPO, with analysts saying it cleared a major legal hurdle.

Reporting by Manya Saini and Pritam Biswas in Bengaluru; Additional reporting by Harshita Mary Varghese and Sriparna Roy in Bengaluru; Editing by Arun Koyyur, Peter Henderson and Matthew Lewis

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Manya Saini

Thomson Reuters

Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.

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OpenAI files for US IPO after Anthropic as AI giants head to public markets

THE AI ERA

CHALLENGERS GAIN MOMENTUM

NONPROFIT ROOTS SPARK LEGAL DISPUTE

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