OpenAI Files for IPO at $850 Billion — Targeting September 2026 Debut
The race to Wall Street just got real.
OpenAI — the company behind ChatGPT — announced on Monday June 8, 2026 that it has confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission, formally setting the stage for a public offering. The company is targeting a September 2026 debut at a valuation of between $730 billion and $850 billion, with Goldman Sachs and Morgan Stanley named as lead underwriters.
The move comes just one week after rival Anthropic filed its own confidential IPO paperwork on June 1 at a valuation of $965 billion — meaning two of the most closely watched companies in the history of technology are now racing to go public within months of each other.
OpenAI IPO — What's in the Filing
OpenAI was careful to manage expectations in its announcement. "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."
The filing comes after OpenAI was valued at $852 billion in a March 2026 funding round in which it raised $122 billion — a record for any private company. The firm is currently generating $2 billion in monthly revenue, a dramatic acceleration from $1 billion per quarter at the end of 2024.
Goldman Sachs and Morgan Stanley are advising on the process. If the offering proceeds at the high end of the target range, it would rank among the largest IPOs in US stock market history.
📰 Related: Anthropic Files for IPO at $965 Billion — Beating OpenAI to Wall Street
The AI IPO Race — OpenAI vs Anthropic vs SpaceX
The simultaneous filings from OpenAI and Anthropic have created an extraordinary moment in financial market history. Three of the most valuable private companies in the world — OpenAI, Anthropic, and SpaceX (which filed confidentially in April at a $1.75 trillion valuation) — could all go public within the same window. Analysts are already comparing the concentration of high-stakes offerings to the dot-com boom era.
The contrast in valuations is striking. Anthropic filed at $965 billion — higher than OpenAI's target range — despite being a significantly younger company. OpenAI's CFO Sarah Friar has reportedly raised concerns internally about whether the company can sustain its massive data center spending, and has suggested that a 2027 listing may ultimately be more prudent. Those concerns are now being weighed against competitive pressure from Anthropic's head start.
Analysts at TechCrunch noted that for the first time ever, OpenAI's actual revenue and profit margins will be disclosed publicly — a direct confrontation with the sky-high valuations set without any prior public financial scrutiny.
📰 Related: SpaceX IPO: Everything You Need to Know Before SPCX Lists June 12
What OpenAI's IPO Means for Everyday Investors
For the first time, retail investors and index fund holders will have direct access to OpenAI equity — previously limited exclusively to venture capital firms and institutional players. That democratisation of access comes with significant risk. There is no prior public financial data to anchor expectations, and if OpenAI's disclosed margins fall materially below investor expectations, the $850 billion valuation could face rapid compression.
Simultaneous listings from both OpenAI and Anthropic could also divide institutional demand, potentially leaving one or both offerings undersubscribed or priced below their private-market valuations. The late 2026 window now represents the first true public-market test of whether frontier AI valuations hold up against disclosed financial reality.
📰 Related: Agentic AI and Sovereign AI: The Massive Shift Dominating Silicon Valley in 2026
Key Takeaways
- OpenAI filed a confidential S-1 with the SEC on June 8, 2026 — targeting a September 2026 IPO at $730B–$850B valuation.
- Goldman Sachs and Morgan Stanley are lead underwriters — the offering could rank among the largest in US history.
- OpenAI generates $2 billion per month in revenue — up from $1 billion per quarter at end of 2024.
- Anthropic filed one week earlier at $965 billion — SpaceX also targeting a public listing at $1.75 trillion.
- CFO Sarah Friar has flagged concerns about data center costs — a 2027 listing remains possible.
- For the first time, retail investors will be able to buy OpenAI shares directly.
*Not financial advice. Always do your own research.*
