OpenAI prepares IPO filing

OpenAI is reportedly preparing a confidential filing for an initial public offering, according to reports published on May 22 and May 23. Money, citing the Wall Street Journal, said the ChatGPT maker is working with Goldman Sachs and Morgan Stanley on paperwork that could be submitted as soon as next week and could lead to trading as early as September. Euronews said the listing could rank among the biggest market debuts ever if it goes ahead before SpaceX. OpenAI has not publicly announced an IPO filing. ### Which reports moved the story? Money reported on May 23 that OpenAI was working with Goldman Sachs and Morgan Stanley on a confidential IPO filing that could be submitted to regulators as soon as next week. The outlet said the company could begin trading as early as September, while noting the plans were not final. Euronews reported on May 22 that OpenAI was preparing for a potential stock market debut and said a listing could become the largest in history if it precedes a SpaceX offering. The Motley Fool also reported on May 22 that OpenAI was expected to file confidentially soon, citing multiple media reports. ### Why would OpenAI use a confidential filing? (money.com) U.S. IPO rules allow companies to submit registration documents confidentially before making them public, which lets issuers and regulators work through comments outside immediate public view. Money said that route would give OpenAI time to prepare disclosures before a formal public launch. Money said a public listing would give OpenAI access to a larger pool of capital while also subjecting it to shareholder scrutiny and public-market reporting requirements. (euronews.com) Euronews similarly framed the move as a way to tap public investors after years of private fundraising. ### What do the latest reported financials show? Where’s Your Ed At reported on May 22, citing The Information, that OpenAI generated $5.7 billion in revenue in the first quarter of 2026. (money.com) The same report said the company posted a negative 122% adjusted operating margin, which it described as losing $1.22 for every dollar of revenue. The same report said OpenAI was on track for $30 billion in 2026 revenue, while arguing that the margin profile implied very large losses if spending patterns continued. Those figures were presented in the context of questions about whether OpenAI can convert rapid revenue growth into a sustainable business. (wheresyoured.at) ### Who is involved in the proposed deal? Goldman Sachs and Morgan Stanley are the banks Money said are working with OpenAI on the confidential filing. The report did not say whether other underwriters would join later in the process, which is common in large IPOs. Sam Altman, OpenAI’s chief executive, has not publicly confirmed the filing timetable. Earlier reporting summarized by Where’s Your Ed At said OpenAI CFO Sarah Friar had previously told some colleagues the company was not ready to go public in 2026 because of procedural work and spending risks, underscoring that internal views on timing may have evolved. (wheresyoured.at) ### How big could this offering be? (money.com) Euronews said an OpenAI flotation could be one of the biggest IPOs ever and potentially the largest if it reaches the market before SpaceX. That assessment reflects the scale of investor interest around generative AI and OpenAI’s position at the center of it, according to those reports. (wheresyoured.at) Money said the company’s appeal to investors would rest on its role as the creator of ChatGPT and on expectations that public-market fund managers would want exposure to one of the best-known AI companies. The report also said any timetable remains subject to change. ### What happens next? The next formal milestone is a confidential submission to the U.S. Securities and Exchange Commission, if OpenAI proceeds on the timetable described in the reports. (euronews.com) After that, the filing would typically become public closer to a roadshow and pricing. September is the earliest trading window mentioned in the May 23 Money report. Until a filing appears or OpenAI comments publicly, the timing, valuation and final syndicate remain unconfirmed. (money.com)