OpenAI Joins Anthropic and SpaceX in Filing for US Stock Market Debut

TLDR

• OpenAI has confidentially filed for a US IPO, joining rivals Anthropic and SpaceX in pursuing public listings
• The company is targeting a valuation of up to $1 trillion, with a debut possible as early as September
• OpenAI is generating $2 billion in monthly revenue but does not expect to be profitable until 2030
• A US jury ruled against Elon Musk’s lawsuit in May, clearing a legal hurdle for the IPO
• ChatGPT has over 900 million weekly active users and more than 50 million consumer subscribers

OpenAI has confidentially filed paperwork with the US Securities and Exchange Commission for an initial public offering. The company announced the filing on X on Monday, saying it had not yet decided on timing.

A Race to the Public Markets

OpenAI joins two other major players heading toward Wall Street. Rival Anthropic filed confidentially for a US IPO on June 1, weeks after raising $65 billion in a funding round that valued it at $965 billion.

SpaceX, which owns AI chatbot maker xAI, is also pursuing an IPO this week. Its offering would be the largest in history if completed, at a $1.75 trillion valuation.

Reuters reported that OpenAI is targeting a valuation of up to $1 trillion. If all three companies go public near that level, it would mark one of the biggest tests of investor appetite for tech stocks in a decade.

OpenAI raised $110 billion earlier this year at an $840 billion valuation. Backers include SoftBank, Amazon, and Nvidia.

Revenue and Losses

OpenAI reported $2 billion in monthly revenue as of March, growing roughly four times faster than companies that shaped the internet and mobile era. That compares to about $1 billion in quarterly revenue at the end of 2024.

Despite that growth, the company told investors it does not expect to turn a profit until 2030.

ChatGPT now has more than 900 million weekly active users and over 50 million paying subscribers.

Legal Hurdle Cleared

OpenAI was founded in 2015 as a nonprofit. It later created a for-profit arm to fund AI development costs.

In December 2024, it announced plans to restructure as a public benefit corporation. That move drew a lawsuit from early backer Elon Musk, who accused leadership of straying from the company’s original mission.

A US jury ruled against Musk in May. Analysts said the verdict removed a key legal obstacle ahead of the IPO.

Jobs and Competition

The AI boom has had consequences for employment. Nearly 117,000 tech workers have been laid off so far this year, with companies citing AI-driven productivity gains.

Crypto companies have cut more than 5,000 jobs in 2026. Block cut 4,000 staff in February, also citing AI efficiencies.

Global IPOs have raised $87.5 billion through late May, the highest level since 2021.

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