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OpenAI has confirmed it has filed for an initial public offering, moving a step closer to Wall Street just one week after rival Anthropic made the same kind of confidential submission.

In a brief blog post, OpenAI said it had submitted a confidential S-1 form, which is the first formal filing step toward a public stock listing in the United States. The company also acknowledged that the news would likely become public anyway, saying it was “expect[ing] it to leak, so we’re just announcing it.”

The filing does not mean OpenAI is about to begin trading shares immediately. In fact, the company said it has not decided on timing yet and suggested the process could take a while. “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,” OpenAI wrote. The company added that the move is still strategically useful because it “gives us the option to go public sooner if that ends up being best.”

What OpenAI said about the filing

OpenAI’s statement was unusually direct for a company approaching a major financial milestone. Rather than waiting for the filing to surface through leaks or regulatory chatter, the company effectively preempted the news and framed the submission as part of a broader strategic decision.

The company described the situation as “a complicated set of tradeoffs,” indicating that going public is not simply a binary decision between staying private and listing shares. That language suggests OpenAI is trying to preserve flexibility while keeping its options open for a future public offering.

Because the submission is confidential, the public does not yet have access to the full details typically associated with an S-1 filing. Those documents often include revenue information, business risks, share structure, and other disclosures that investors use to judge a company’s readiness for the market. For now, the key fact is the filing itself and the company’s acknowledgment that it has taken that step.

Why the timing matters

The timing of OpenAI’s filing is notable not just because it comes after Anthropic’s, but because the two companies are increasingly viewed as the most prominent independent challengers in the generative AI market. Both companies have attracted extraordinary investor interest, and both now appear to be moving toward the possibility of public-market financing.

Anthropic reportedly filed the same confidential S-1 form just a week earlier, putting the two firms on parallel paths toward potential IPOs. That does not guarantee either company will list soon, but it does signal that the market’s biggest AI startups are exploring the same route at roughly the same time.

OpenAI’s filing also arrives at a moment when the company remains highly valuable but still unprofitable. As reported by TechCrunch, OpenAI was recently valued at $852 billion, which is below Anthropic’s reported $965 billion valuation. Those numbers highlight how much investor enthusiasm continues to surround leading AI labs, even as their business models remain expensive to scale.

Valuation and the public-market question

According to the source report, OpenAI’s most recent valuation stands at $852 billion. Anthropic’s valuation, meanwhile, is listed at $965 billion. In other words, the competitor that filed first is currently valued higher, even though both companies are still early in the process of considering public listings.

That comparison is important because IPO momentum is not only about prestige; it is also about capital access. A public listing can create a new channel for raising funds, broaden the investor base, and give companies a more direct route to finance growth. For AI companies, which continue to spend heavily on compute, infrastructure, and talent, additional capital can be a major advantage.

OpenAI’s own wording suggests that capital access is not the only issue at stake. The company indicated that remaining private allows it to pursue initiatives that are “likely easier” outside the scrutiny and reporting obligations of public markets. That likely includes long-term product and organizational decisions that may not fit neatly into quarterly expectations.

What a confidential S-1 means

A confidential S-1 is the standard first step in the IPO process for many companies. It allows a company to submit its registration statement to regulators without immediately exposing the details to the public. The filing can later become public as the company progresses through the offering process.

In practical terms, this means OpenAI has not yet priced shares, set a listing date, or made a final decision to proceed with an IPO. Instead, it has simply opened the door to that possibility. The company can continue operating as a private business while preparing the groundwork needed for a future market debut.

That flexibility appears to be exactly what OpenAI wants. The company said the filing “gives us the option to go public sooner if that ends up being best,” which suggests it is preparing for a range of future scenarios rather than committing to an immediate listing.

Why investors are watching closely

OpenAI and Anthropic are two of the most visible names in artificial intelligence, and any move toward public listing is likely to attract significant investor attention. A public IPO could offer outside investors a rare chance to buy into one of the sector’s defining companies. It could also establish a new benchmark for how the market values high-growth AI firms that are still spending aggressively and have yet to turn a profit.

The source material says OpenAI is still not profitable and is not expected to be in the near future. That is a crucial detail. The company’s IPO prospects would therefore rest less on near-term earnings and more on its strategic position, user base, growth potential, and ability to monetize AI products over time.

That same dynamic likely applies to Anthropic. If both companies continue to move through the IPO process, the market will be forced to assess how much investors are willing to pay for long-term AI dominance before traditional profitability arrives.

Key details from OpenAI’s announcement

OpenAI says it has submitted a confidential S-1 form.
The company announced the filing because it expected the news to leak.
OpenAI has not decided on IPO timing.
The company said some goals are “likely easier as a private company.”
OpenAI said the filing gives it the option to go public sooner if needed.
TechCrunch reported OpenAI’s recent valuation at $852 billion.
Anthropic, which filed the same form about a week earlier, is reportedly valued at $965 billion.

A sign of where the AI market is heading

Even without a finalized IPO timeline, OpenAI’s filing is a significant marker for the AI industry. It shows that the sector’s biggest private companies are starting to prepare for the possibility of public-market scrutiny, even while preserving the operational freedom that comes with private ownership.

That tension is central to the current phase of the AI boom. Companies want access to more capital, but they also want room to move quickly, experiment, and make large bets without having to satisfy public investors every quarter. OpenAI’s statement makes clear that it sees value in both paths.

For now, the main takeaway is straightforward: OpenAI has entered the IPO process, but it is not rushing to list. The filing positions the company for a future public offering while leaving plenty of room to stay private until the timing makes sense.

Source: Original report