OpenAI has submitted a confidential S-1 registration statement to the US Securities and Exchange Commission (SEC), marking its first formal step toward an initial public offering (IPO). The company announced the move on X (formerly Twitter), anticipating the filing would leak. OpenAI, valued at $852 billion after its March funding round, has been working with Goldman Sachs and Morgan Stanley on the draft. The firm did not set a timeline for the IPO, stating it may remain private for a while to pursue certain goals that are easier as a private company. However, the filing gives it the option to go public sooner if deemed best. This move comes amid a heated listing race, with Anthropic filing its own confidential S-1 roughly a week earlier after closing a $65 billion round at a $965 billion valuation, surpassing OpenAI. SpaceX leads the race, targeting a June 12 Nasdaq debut with demand reportedly reaching $150 billion, exceeding its $75 billion target. The developments suggest a competitive landscape for AI and tech companies going public.

Key facts

• OpenAI filed a confidential S-1 with the SEC for an IPO
• Valuation at $852 billion after March funding round
• No timeline set; may stay private for a while
• Anthropic and SpaceX also pursuing IPOs
• SpaceX targets June 12 Nasdaq debut with $150B demand