What did OpenAI just file?
OpenAI filed confidential preliminary paperwork with the U.S. Securities and Exchange Commission on June 9, 2026, opening the door to becoming a publicly traded company. The San Francisco-based company is currently valued at $852 billion, according to Fortune's reporting on the filing.
The company was direct about why it went public with the news before it spread. "We expect it to leak so we're just announcing it," OpenAI said in a statement.
What did OpenAI say about timing?
OpenAI made clear it has not set a date for an actual IPO. "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," the company said. "But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best."
CEO Sam Altman first floated the idea of an IPO last fall, calling it the "most likely path" for the company given its size and capital needs.
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Who else is racing to go public?
OpenAI is the third major AI company moving toward a Wall Street debut. Rival Anthropic disclosed on June 1 that it is also pursuing an IPO. Elon Musk's SpaceX has already started an IPO roadshow, pitching itself as an AI-focused space company, per The AI Insider.
The costs of AI models are a key pressure point. OpenAI has not publicly disclosed its revenue or a path to profitability. Like Anthropic and SpaceX, it has been spending more than it earns due to the high cost of building out its technology.
What cleared the way for this filing?
Two structural changes made the filing possible. OpenAI reorganized last year, converting itself into a public benefit corporation while remaining technically under the control of a nonprofit. Then last month, OpenAI won a federal jury trial against co-founder Elon Musk. Musk had sued to remove Sam Altman and unwind the for-profit conversion. A judge dismissed the case after the jury found Musk had filed his lawsuit too late.
What is the competitive pressure on OpenAI?
Emarketer analyst Nate Elliott called this a "precarious moment" for OpenAI, saying the company appears to be losing ChatGPT's early leads with consumers and businesses to Google and Anthropic. "But OpenAI doesn't have a lot of other places to look for the enormous capital required to support its costs," Elliott said.
OpenAI was founded in 2015 as a nonprofit dedicated to developing AI for the common good.
Frequently asked questions
Q: Has OpenAI set a date for its IPO? A: No. OpenAI said in its statement that it has not decided on timing and that going public "may be a while" because some things are easier to do as a private company.
Q: What is OpenAI's current valuation? A: OpenAI is currently valued at $852 billion, according to Fortune's reporting on the confidential SEC filing.
Q: Which other AI companies are also pursuing IPOs? A: Anthropic disclosed on June 1, 2026 that it is moving toward an IPO. SpaceX has already begun an IPO roadshow, pitching itself as an AI-focused space company.
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