OpenAI, the creator of ChatGPT, has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, becoming the third major artificial intelligence developer to pursue a public listing. This move adds to an IPO pipeline now valued at approximately $3.6 trillion, according to sources familiar with the matter.
A Massive AI IPO Pipeline
SpaceX, officially known as Space Exploration Technologies Corp., is preparing for an IPO that could value the company at around $1.8 trillion. Anthropic, another AI startup, raised funds at a $965 billion valuation last month. OpenAI itself was valued at $852 billion in its most recent private funding round in March. Together, these three companies represent a combined market value of over $3.6 trillion, underscoring the immense investor appetite for AI-related equities.
OpenAI's IPO Details
The Sam Altman-led firm submitted its IPO paperwork on Monday and is working with Goldman Sachs Group Inc. and Morgan Stanley on a potential listing as early as fall, according to people familiar with the matter. However, deliberations are ongoing, and the timeline could shift. “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company,” OpenAI stated. “But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.”
In addition to the IPO, OpenAI plans to launch a tender sale of its shares in the coming weeks to provide liquidity to employees before the public offering, a person familiar with the matter said. A spokesperson declined to comment on the tender sale.
Challenges and Competition
Founded over a decade ago, OpenAI ignited the generative AI boom with the release of ChatGPT in late 2022. While the company and its chatbot remain synonymous with AI for many, OpenAI faces significant hurdles. These include heightened competition from Anthropic PBC and Alphabet Inc.’s Google, as well as reports of missed internal revenue and user growth targets. Several key executives have departed or stepped back from their roles, and the company is working to streamline its sprawling product lineup.
Anthropic and SpaceX Also Eye Public Markets
Anthropic, the startup behind the Claude chatbot, filed confidentially for its own IPO last week. The company’s valuation surged to $965 billion in its latest private funding round, surpassing OpenAI’s valuation for the first time, driven by strong revenue growth. Meanwhile, SpaceX, Elon Musk’s rocket, satellite, and AI firm, is targeting an IPO at a valuation of roughly $1.8 trillion, which would make it one of the world’s most valuable public companies.
Massive Capital Requirements
AI companies are racing to raise tens of billions of dollars to acquire chips, build data centers, and develop more advanced AI systems. In February, OpenAI informed investors that it plans to spend approximately $600 billion on AI infrastructure by 2030. The IPO wave reflects the industry’s urgent need for capital to sustain its rapid expansion.
With OpenAI, Anthropic, and SpaceX all preparing for public listings, 2026 could be a landmark year for AI IPOs, reshaping the landscape of public markets and solidifying AI as a dominant sector for investors.
