OpenAI confidentially files for a Wall Street IPO
OpenAI has confidentially filed a draft S-1 with the SEC, setting up one of the largest potential public debuts in history. No timing, price, or ticker is set.
OpenAI said it has confidentially filed paperwork with the SEC for an initial public offering, a step that opens the door to one of the largest market debuts on record. The company stressed that timing is undecided.
Key points
- OpenAI confirmed a confidential draft S-1 filing with the SEC on June 8, 2026.
- The filing comes a week after Anthropic filed and days before SpaceX was set to start trading.
- OpenAI is valued at more than $850 billion and has raised over $180 billion to date.
- The company said it “has not decided on timing yet” and may stay private longer.
What the filing does
A confidential filing lets OpenAI submit financials to regulators for review before they are made public. It starts the clock without committing to a date, price, or share count. CFO Sarah Friar said earlier this year the company was already operating with “the good hygiene of a public company,” measuring revenue the way a listed firm would have to report it.
Why it matters
The filing places OpenAI in a trio of AI heavyweights moving toward the public markets at the same time, alongside Anthropic and SpaceX. Each could rank among the largest IPOs ever. For OpenAI, the listing would also be a test of whether public investors will pay private-market multiples for a business that is growing fast but not yet cash-flow positive.
For now nothing trades. The closest public exposure remains its backers, led by Microsoft. See our how to invest guide and the IPO tracker for updates as they land.