OpenAI files a confidential S-1 with the SEC, the first step toward an IPO

OpenAI files a confidential S-1 with the SEC for a potential IPO, joining Anthropic and SpaceX in preparing for major public listings expected in 2026.

OpenAI has submitted a confidential S-1 to the SEC, the US securities regulator, a document that paves the way for a public listing. Rather than waiting for a leak, the company chose to announce the move itself, anticipating that the information would eventually filter out. The timeline, however, remains open: OpenAI states it has made no final decision and deems certain operations simpler to conduct while remaining private, with the filing allowing it the option to list earlier if conditions are favorable. The announcement falls under Rule 135, which permits this type of communication without it constituting an offer of securities.

The move completes a trio. Anthropic filed its own confidential S-1 a week earlier, and SpaceX is also preparing for its listing, making 2026 the year of major industry IPOs. Goldman Sachs and Morgan Stanley are advising on the operation.

For now, no financial details are public. The circulating valuation of $852 billion stems from the funding round completed in late March, not from the filed document. Revenues, losses, and the governance structure will only be known when the public S-1 is released, if it is made available.