📈OpenAI Files Confidentially for IPO, Trailing Anthropic
TL;DR
OpenAI submitted a confidential draft S-1 to the SEC on Monday, about a week after rival Anthropic filed. Last valued at $852B, OpenAI is racing public despite missing revenue and user targets and a projected $85B cash burn in 2028.
OpenAI submitted a confidential draft S-1 to the SEC on Monday, about a week after rival Anthropic filed. Last valued at $852B, OpenAI is racing public despite missing revenue and user targets and a projected $85B cash burn in 2028.
Key Points
Confidential draft S-1 filed June 8, 2026; no share count or price set
Last private valuation $852B post-money, with roughly 900M weekly active users
Filed about a week after Anthropic, which neared a $1T secondary valuation
WSJ reports missed user and revenue targets, with about $85B burn projected for 2028 and no positive cash flow until 2030
SpaceX is expected to IPO first among the three at a roughly $1.75T valuation
Why It Matters
Whoever lists first likely captures scarce AI capital, and Anthropic's disclosures will set a valuation comp that boxes in how OpenAI can price.
Quick Facts
Frequently Asked Questions
Why does this matter?
Whoever lists first likely captures scarce AI capital, and Anthropic's disclosures will set a valuation comp that boxes in how OpenAI can price.
What happened?
OpenAI submitted a confidential draft S-1 to the SEC on Monday, about a week after rival Anthropic filed. Last valued at $852B, OpenAI is racing public despite missing revenue and user targets and a projected $85B cash burn in 2028.
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