OpenAI is preparing for a $1 trillion IPO.
Sam Altman plans a confidential IPO filing with the SEC in the coming days – setting the stage for an IPO in September.
It will likely be the 2nd biggest IPO – after SpaceX goes public on June 12.
OpenAI’s most recent financing raised $122 billion in April. That deal valued the company at $852 billion.
The company has raised more than $180 billion from private investors total. That’s among the largest amounts of private funds ever raised by a single company. And going public is the next logical step.
Earlier this week, a jury rejected Elon Musk's lawsuit against OpenAI and Sam Altman. That ruling removed a legal overhang – clearing the way for an IPO.
Prediction market traders on Kalshi now give OpenAI an 83% chance of beating Anthropic to the public markets.
That's a dramatic shift. Before Wednesday's news, those same traders gave OpenAI just a 32% chance.
The challenges are real. The company reportedly missed some internal revenue and user growth targets. There’s been leadership turnover. And competition from Anthropic is intense.
OpenAI still has 900 million weekly ChatGPT users. And the company is generating $25 billion in annual recurring revenues.
It looks like OpenAI is rushing to go public before Anthropic.
Meanwhile, SpaceX is on the cusp of raising a massive $75 billion with its June IPO. Here’s how to grab shares now.
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The next few weeks could be the most consequential stretch for the IPO market in years.
Ian Wyatt
Editor, IPO Watch