• OpenAI is reportedly working with Goldman Sachs and Morgan Stanley on confidential IPO paperwork, which could be filed within days.
  • The AI company, led by Sam Altman, is targeting a potential public listing as early as September, though plans remain subject to change.
  • The move follows a legal win against co-founder Elon Musk, but investors remain focused on OpenAI's heavy infrastructure spending and rising competition from Anthropic.

IPO Preparations Underway

OpenAI is taking concrete steps toward an initial public offering, according to people familiar with the matter. The company has engaged Goldman Sachs and Morgan Stanley to help prepare confidential paperwork that could be submitted to the Securities and Exchange Commission as soon as this week. A public listing could follow as early as September, though timing remains fluid and dependent on market conditions.

The preparations come after OpenAI recently secured a legal victory in its dispute with co-founder Elon Musk, who had sued the company over its shift from a nonprofit to a capped-profit model. That case had been seen as a potential hurdle to an IPO.

Investor Focus on Spending and Competition

Despite the legal win, investors remain wary of OpenAI's massive infrastructure costs, which have driven significant capital needs. The company spends heavily on computing power and data centers to train and run its AI models, and it faces mounting competition from rivals like Anthropic, which recently closed a major funding round.

Revenue growth has been strong, fueled by ChatGPT and enterprise AI services, but profitability remains a question mark given the scale of investment. A successful IPO would provide OpenAI with access to public markets to fund further expansion, but it would also subject the company to greater scrutiny over its governance and financials.

Broader Context

If OpenAI proceeds, it would be one of the most anticipated tech IPOs since the boom of AI listings. The offering could value the company at well over $100 billion, according to estimates, and would likely attract strong demand from institutional investors. However, regulatory concerns around AI safety and antitrust could shape the disclosure requirements in the IPO prospectus.

OpenAI declined to comment on the IPO talks, and representatives for Goldman Sachs and Morgan Stanley did not respond to requests for comment. A formal announcement could come in the coming weeks, pending final board approval.

Correction: An earlier version of this article misstated the timing of the potential IPO. The listing could occur in September 2026 or later, depending on market conditions.