OpenAI Files Confidential S-1, Targeting Trillion-Dollar IPO
OpenAI is preparing to confidentially file a draft S-1 registration with the U.S. Securities and Exchange Commission, according to sources familiar with the matter. Goldman Sachs and Morgan Stanley are advising on the offering, which targets a valuation above $1 trillion — potentially making it the largest tech IPO in history. The ChatGPT maker has been restructuring from its original nonprofit governance to a public benefit corporation over the past year, a prerequisite for public listing. OpenAI currently generates approximately $2 billion in monthly revenue ($25 billion annualized run rate), though the company still operates at a loss as it invests heavily in compute infrastructure and research. The filing comes amid a broader wave of AI company public offerings, with SpaceX also filing for its own trillion-dollar IPO. Industry analysts note that OpenAI's ability to demonstrate a path to profitability will be critical for investor confidence. The company recently revised its partnership terms with Microsoft, its largest investor, to enable more flexible cloud infrastructure arrangements ahead of the listing.
A trillion-dollar OpenAI IPO would be a watershed moment for the AI industry, effectively establishing AI infrastructure as a mainstream asset class. For MENA builders, this signals that the capital markets are ready to fund AI-native companies at unprecedented scales.
When is the OpenAI IPO expected to happen?
The confidential S-1 filing could happen as early as late May 2026, with the actual public listing targeted for September 2026 or later, depending on market conditions and SEC review.