OpenAI Files for U.S. IPO After Anthropic as AI Giants Race Toward Public Markets

The artificial intelligence industry is entering a new phase as leading AI companies move closer to public markets. OpenAI, the creator of ChatGPT, has confidentially filed for a U.S. initial public offering (IPO), signaling its intention to join rival Anthropic in seeking public investment.

The move comes amid unprecedented investor interest in artificial intelligence technologies, which have transformed industries ranging from software development and cloud computing to healthcare and finance.

With reports suggesting that OpenAI could target a valuation of up to $1 trillion, the company's public listing could become one of the most significant stock market events of the decade. Alongside Anthropic and SpaceX, OpenAI is part of a new generation of technology giants that are reshaping global markets and testing investor appetite for high-growth innovation-driven businesses.

OpenAI Takes First Step Toward Public Listing

OpenAI confirmed on Monday that it has confidentially submitted paperwork for a U.S. IPO. However, the company did not disclose the size of the offering or a specific timeline for its market debut.

In its statement, OpenAI noted that, “It may be a while because there are things we want to do that are likely easier as a private company.”

The confidential filing allows the company to begin discussions with regulators while keeping financial details private until closer to the public offering.

According to earlier reports, OpenAI is targeting a valuation of as much as $1 trillion, potentially making it one of the most valuable technology companies ever to enter public markets.

AI Giants Prepare for Historic Market Debuts

Anthropic and OpenAI Lead the IPO Wave

OpenAI's filing follows a similar move by Anthropic, one of the fastest-growing AI companies in the world and the developer behind the widely used coding assistant Claude Code.

Anthropic confidentially filed for a U.S. IPO on June 1, shortly after raising $65 billion in a funding round that valued the company at $965 billion.

If both companies proceed with their plans, investors will gain direct access to two of the most influential organizations driving the AI revolution.

SpaceX Adds to Investor Excitement

Adding further momentum to the market, Elon Musk's SpaceX has also filed for a public offering. The aerospace company is reportedly pursuing a $75 billion offering at a valuation of $1.75 trillion.

Together, OpenAI, Anthropic, and SpaceX could create one of the largest waves of high-profile technology listings seen in more than a decade.

OpenAI's Explosive Growth Continues

Revenue Expansion and User Adoption

OpenAI's rise has been remarkable. Earlier this year, the company announced plans to raise $110 billion at an $840 billion valuation from major investors including SoftBank, Amazon, and Nvidia.

At the time, OpenAI disclosed that ChatGPT had surpassed 900 million weekly active users and more than 50 million paying consumer subscribers, highlighting the platform's massive global reach.

The company also reported in March that it was generating $2 billion in monthly revenue and expanding at a pace roughly four times faster than internet-era giants such as Alphabet and Meta during their early growth stages.

This marks a dramatic increase from approximately $1 billion in quarterly revenue reported at the end of 2024.

Profitability Still Years Away

Despite its rapid expansion, OpenAI reportedly informed investors during its latest fundraising discussions that it does not expect to achieve profitability until 2030.

This reflects the enormous investment required to develop advanced AI models, maintain computing infrastructure, and compete in an increasingly crowded market.

Strategic Changes Strengthen OpenAI's Position

Evolving Relationship with Microsoft

The IPO filing follows OpenAI's renegotiation of its partnership with Microsoft, one of its earliest and most important investors.

Microsoft has invested approximately $13 billion in OpenAI since 2019, helping accelerate the company's growth while also boosting demand for Microsoft's Azure cloud platform.

The revised partnership structure has reportedly provided OpenAI with greater flexibility to pursue new collaborations with technology leaders such as Amazon and Google's parent company Alphabet.

Expanding Beyond a Single Partner

As competition intensifies in the AI industry, OpenAI is seeking to diversify its strategic relationships and reduce dependence on any single technology partner.

This approach could strengthen its long-term growth prospects and appeal to future public market investors.

Competition Intensifies Across the AI Industry

Anthropic Emerges as a Strong Challenger

While OpenAI remains one of the most recognized AI companies globally, competitors are gaining momentum.

Anthropic has attracted significant attention from software developers and enterprises using its Claude AI platform for programming assistance and code analysis. Some organizations are also deploying its advanced model, Mythos, to identify software vulnerabilities and improve cybersecurity.

Michael Ashley Schulman, a partner at Cerity Partners, observed that “OpenAI is keeping options open as Anthropic edged ahead with its filing after a monster funding round.”

Investor Concerns Over Capital Availability

Some market experts caution that multiple mega-sized IPOs could compete for the same pool of investor capital.

Gil Luria, managing director of D.A. Davidson, said, “What OpenAI does not want is for the public market capital to exhaust itself.”

He further noted that SpaceX, Anthropic, and major publicly traded technology companies could collectively absorb significant investment capital in the near term.

Nonprofit Origins Continue to Shape OpenAI's Story

From Research Lab to Global AI Leader

OpenAI was established in 2015 as a nonprofit research organization dedicated to advancing artificial intelligence for the benefit of humanity.

In 2019, the organization created a for-profit subsidiary to help fund the rapidly increasing costs associated with AI research and development.

Its unique governance model became the subject of global attention in late 2023 when CEO Sam Altman was briefly removed before returning following widespread employee support.

Legal Challenges and Structural Reforms

In December 2024, OpenAI announced plans to transition toward a public benefit corporation structure. The company argued that the change would help attract additional capital while maintaining its broader mission.

The move drew criticism from early supporter Elon Musk, who later filed a lawsuit alleging that OpenAI had deviated from its founding purpose.

However, a U.S. jury ruled in May that OpenAI was not liable in the case, removing a major legal uncertainty ahead of its planned public listing.

Analysts believe the verdict significantly strengthens the company's position as it prepares for a potential IPO.

Conclusion

OpenAI's confidential IPO filing marks another milestone in the rapid evolution of the artificial intelligence industry. As AI becomes the defining technological and investment theme of the decade, public market listings from OpenAI, Anthropic, and SpaceX could reshape the global investment landscape.

While questions remain regarding profitability, competition, and long-term market sustainability, OpenAI's extraordinary growth, expanding partnerships, and massive user base position it as one of the most closely watched companies in the world. If the company achieves its reported $1 trillion valuation target, it could set a new benchmark for AI-driven businesses and usher in a new era for public technology markets.