OpenAI files confidential S-1 for IPO targeting $1T+ valuation, Goldman Sachs and Morgan Stanley lead
OpenAI filed confidentially with the SEC for an IPO on June 8, 2026, targeting a post-money valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the underwriting process. The confidential submission allows OpenAI flexibility on timing and valuation—the company has indicated that the listing date remains undecided and may be delayed pending market conditions and regulatory feedback. At $1T+, OpenAI would enter a rarified class alongside only Apple, Microsoft, Saudi Aramco, and Alphabet in market cap territory, cementing the $122 billion Series G raise closed in February at $852 billion as runway for operational scaling.
The IPO filing comes as OpenAI's revenue and consumption metrics have accelerated: ChatGPT boasts over 900 million weekly active users and 50+ million subscribers; enterprise now comprises 40% of revenue, up from 30% last year and on pace to reach parity by end-2026. Codex (coding API) has 2 million weekly users, up 5x in three months with 70%+ MoM growth. The ads pilot hit $100 million ARR in six weeks. However, OpenAI carries ~$100 billion in debt and projected cash burn of ~$27 billion in 2026 and $63 billion in 2027—it doesn't turn cash-flow positive until 2030, per internal projections.
For builders: OpenAI's $1T+ IPO aspiration signals institutional confidence in the AI application layer despite burn concerns and the fact that on-device inference (Apple, NVIDIA) is fragmenting consumption. The company's enterprise narrative (40% of revenue) will be central to any public investor pitch. With Anthropic's $965B Series H and potential October listing, and OpenAI now filing, the IPO supercycle for frontier AI is compressing. Timing uncertainty is real—OpenAI and Goldman/Morgan may wait for sentiment stabilization or regulatory clarity. An October–December 2026 window seems most likely.
Sources
- Primary source
- OpenAI revenue, valuation & funding | Sacra
“On June 8, 2026, OpenAI filed confidentially with the SEC for an IPO targeting a valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the process.”
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“ChatGPT is the overwhelming leader in consumer AI with more than 900 million weekly active users, and over 50 million subscribers.”
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“OpenAI has closed a deal to raise $122 billion at an $852 billion valuation, its largest funding round to date as the company is expected to hit the public markets this year.”