OpenAI files for IPO, joining Anthropic and SpaceX in a trillion-dollar race to Wall Street
ChatGPT maker OpenAI has confidentially filed for an initial public offering in the United States, a week after rival Anthropic took the same step and days before SpaceX's record-breaking debut.
The filing
OpenAI announced on Monday that it had "recently submitted a confidential S-1 form" to the US Securities and Exchange Commission. The filing, which keeps financial data out of competitors' hands during the review process, comes one week after Anthropic — the creator of the Claude models — made an identical confidential submission. OpenAI said no timetable had been set and that the process "could take some time, as some things we want to do will undoubtedly be easier to accomplish as a private company."
We have recently submitted a confidential S-1 form.
The competitive landscape
The two AI labs are racing each other to the public markets. Anthropic, founded by former OpenAI employees, recently closed a funding round at a $900 billion valuation, according to one report, while OpenAI's last round placed it slightly below that figure. Deutsche Welle cited valuations of $965 billion for Anthropic and $852 billion for OpenAI. Both companies are chasing the trillion-dollar club, currently occupied by Nvidia, Apple, Alphabet, Amazon, Meta, and Tesla.
An IPO is a milestone — it is not a destination, it is simply another means of raising funds.
SpaceX sets the stage
Elon Musk's SpaceX is scheduled to go public on Friday, targeting a valuation of nearly $1.8 trillion and aiming to raise roughly $75 billion. If successful, it would be the largest IPO in history, more than tripling the previous record set by Saudi Aramco in 2019 ($29 billion). The three tech listings together are seen as a stress test for investor appetite in the AI sector.
What the money is for
OpenAI plans to invest hundreds of billions of dollars in data centers and AI infrastructure. The company is also reportedly reshaping ChatGPT into a "super-app" with programming tools and AI agents to boost revenue ahead of the listing. Anthropic, meanwhile, has pulled ahead in professional-use products, which are more lucrative than OpenAI's consumer-focused offerings.
- Anthropic files confidential S-1 with the SEC
- OpenAI announces it has filed a confidential S-1
- SpaceX scheduled to go public, targeting $75 billion raise
- CNBC sources indicate possible OpenAI listing window
- Reuters sources suggest OpenAI trading could begin as early as September
Skepticism and historical echoes
Analysts have raised doubts about whether the enormous spending on AI infrastructure can ever be recouped. Some draw parallels to the dot-com bubble that burst 25 years ago. Harrison Rolfes, an analyst at PitchBook, noted that OpenAI has raised $185.9 billion since its founding, while Anthropic has raised $126.8 billion. Gartner projects global AI spending will exceed $2.5 trillion this year, with infrastructure as the largest component.
Anthropic has the better stock-market story.
Internal restructuring
OpenAI has undergone significant changes in pursuit of profitability. The company shut down its short-form entertainment video app (Sora), suspended an erotic chatbot project, and is pivoting toward enterprise tools. The original nonprofit, founded in 2015 by Sam Altman and Elon Musk among others, has transformed radically — a shift Musk has unsuccessfully challenged in court.
