OpenAI publicly confirmed on June 8, 2026 that it has confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission, locking in a long-anticipated IPO that would dwarf almost every prior tech listing.
Bankers, Valuation And Timing
The Sam Altman-led company has hired Goldman Sachs and Morgan Stanley to lead the offering, and the working target is a September 2026 debut at a valuation between $730 billion and $850 billion. OpenAI cautioned that timing remains uncertain and could be delayed by market conditions.
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Joining A Once-In-A-Generation IPO Wave
The filing comes a week after Anthropic confidentially filed its own S-1, and only days before SpaceX’s historic $75 billion IPO. Together, OpenAI, Anthropic and SpaceX could carry a combined valuation north of $3.6 trillion when they trade on the public markets.
What The Books Look Like
OpenAI’s annualized revenue run-rate is now well above $30 billion on the back of ChatGPT, Sora 2, the OpenAI API and enterprise deals, while the company continues to burn capital on data center contracts including its multi-hyperscaler compute build-out and its energy partnerships with SMR developers like Oklo. Investors will scrutinize gross margins, the cost of inference and any disclosure of OpenAI’s ownership stake in SoftBank-led infrastructure vehicles.
Risks On The Cover
The confidential nature of the filing buys OpenAI time to refine its S-1, but it does not insulate the company from regulatory scrutiny in the US and EU, ongoing litigation with The New York Times and others, and the broader market re-rating of AI peers. Expect the deal’s pricing to set the benchmark for every AI IPO that follows it.
Reporting based on coverage from CNBC, TechCrunch and AI Weekly.