OpenAI Files Confidential IPO Application

OpenAI confidentially filed for an IPO with the SEC, timing yet to be decided.

OpenAI has confidentially submitted an S-1 filing to the US Securities and Exchange Commission (SEC) for a potential IPO.

This allows the regulator to review the documents before detailed financial information is made public. OpenAI stated that it has not yet decided on the timing of further actions. The company indicated it might remain private for some time, as certain tasks are easier to manage outside the public market. However, filing the documents leaves open the possibility of a quicker market debut if deemed optimal.

Earlier, The Wall Street Journal, citing sources, reported on a possible OpenAI IPO in September, as well as the involvement of Goldman Sachs and Morgan Stanley in preparing the deal. The new statement from the company did not confirm these timelines.

According to Reuters, OpenAI is preparing for a public offering with a valuation of $1 trillion. This could become one of the largest IPOs in history, although conditions may change depending on business growth and overall market conditions.

OpenAI is planning to transform ChatGPT into an AI super app and aims to accelerate revenue growth ahead of its market debut.

In June, it was reported that the US state of Florida accused the startup and CEO Sam Altman of aggressively promoting the ChatGPT chatbot among teenagers and demanded a ban on controversial practices with the imposition of fines.