OpenAI announced on Monday that it has confidentially submitted paperwork for an initial public offering. The move follows a similar step by rival Anthropic one week earlier.
OpenAI said it submitted the S-1 form with the Securities and Exchange Commission. The company stated it expects the filing to leak and therefore decided to announce it directly. No date or offer price has been set for the IPO. The firm noted that timing remains undecided and that some planned activities may be easier to complete while remaining private. OpenAI's most recent fundraising round raised its valuation to $852 billion. The company reported $25 billion in annualized revenue as of February but faces projected expenses of up to $115 billion through 2029.
