San Juan- OpenAI — the company behind ChatGPT — has filed a confidential S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), setting the stage for a potential initial public offering (IPO). The company confirmed the filing publicly, saying it moved proactively because it anticipated a leak. “We recently submitted a confidential Form […]
San Juan- OpenAI — the company behind ChatGPT — has filed a confidential S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), setting the stage for a potential initial public offering (IPO). The company confirmed the filing publicly, saying it moved proactively because it anticipated a leak.
“We recently submitted a confidential Form S-1. We anticipate it will be leaked, so we’re just announcing it,” the company said. “We have not decided on timing; it could be a while, as there are things we want to address that are probably easier as a private company. However, these are a set of complex decisions, and this gives us the option to go public sooner if that turns out to be the right thing.”
The statement adds that the disclosure is made “in compliance with Rule 135 under the Securities Act of 1933, as amended, and does not constitute an offer to sell or a solicitation of an offer to buy securities.”
The Numbers Behind the Name
OpenAI reached a valuation of $852 billion after closing a $122 billion funding round in March 2026, according to Bloomberg. Three major tech players led the round: Amazon committed $50 billion — of which $35 billion is contingent on OpenAI going public or achieving artificial general intelligence — while Nvidia and SoftBank Group each contributed $30 billion. Additional investors include Andreessen Horowitz, Abu Dhabi’s MGX, DE Shaw Ventures, TPG and T. Rowe Price.
What an IPO Would Mean
An IPO — or Initial Public Offering — is the process by which a private company offers shares to the general public through a stock exchange for the first time. Once public, any investor can buy or sell a stake in the company. It also requires the company to regularly disclose financial results and submit to SEC oversight.
SpaceX IPO Also on Deck
OpenAI’s disclosure comes as another high-profile tech listing looms. Elon Musk’s SpaceX is set to debut on the Nasdaq on Friday, June 12, trading under the ticker “SPCX” in what is expected to be the largest IPO in history. The company is seeking to raise $75 billion at a target valuation of $1.75 trillion, through the sale of 555.6 million shares at $135 each. Musk will retain voting control via Class B shares, which carry 10 times the voting power of the Class A shares that will trade publicly.
Given its scale, SpaceX could become eligible to join the Nasdaq 100 index within just 15 trading sessions under the exchange’s accelerated inclusion rules — a move that would force index fund managers to reallocate significant capital.
