OpenAI IPO tracker · Live
Is OpenAI going public? Not yet — but the clock is ticking.
Short answer: OpenAI has filed a confidential S-1 with the SEC and is valued at about $1.25 trillion privately, but has not set an IPO date. Leadership points to 2027. Rival Anthropic lists first, on Nasdaq as ANT, around November 19, 2026.
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What we know about the OpenAI IPO
OpenAI confirmed in June 2026 that it had confidentially submitted a draft S-1 registration statement to the SEC.[CNN Business (via NewsLantern)] That is the formal first step toward listing, but it does not commit the company to a date.
Instead of rushing to market, OpenAI raised roughly $11 billion in November 2026 at a $1.25 trillion valuation — up from $852 billion in March.[The Verge] The round was originally pitched at $30 billion and $1.4 trillion before a selloff in tech stocks forced a cut.[Reuters]
Sam Altman has said OpenAI wants to make more confident claims about model safety before listing, while also noting it would be "kind of bad for the world if OpenAI waits too long to go public."[The Verge] CFO Sarah Friar reportedly told employees the target is 2027.[Crypto Briefing]
OpenAI's business at a glance
- Revenue: ~$50B annualized (Sept 2026), up from $20B at end of 2025.[Sacra]
- Mix: enterprise is now over 50% of revenue; ads hit a $1B run rate.
- Margins: ~33% gross margin, held back by inference costs.
- Cash burn: ~$278B cumulative negative free cash flow projected for 2026–2030 (FT, via Sacra).
- Structure: a public benefit corporation controlled in part by the OpenAI nonprofit foundation.
Why Anthropic's IPO matters for OpenAI
Anthropic's listing is the first real price check on a frontier AI lab. It set a range of $70–$78 per share, implying up to ~$1.4T fully diluted, below the $2T once rumored.[TechCrunch] If ANT trades well, OpenAI could move faster. If it slumps, expect 2027 to slip. Full comparison →
Timeline: the road to an OpenAI IPO
- 2015
OpenAI founded as a nonprofit
Started by Sam Altman, Elon Musk, Greg Brockman, Ilya Sutskever and others.
- 2019
Capped-profit arm and Microsoft deal
OpenAI LP created; Microsoft invests $1B, later ~$13B.
- Nov 2022
ChatGPT launches
Fastest-growing consumer app in history at the time.
- 2025
Recapitalization to a public benefit corporation
Restructuring clears the main legal obstacle to an eventual listing.
- Mar 2026
$122B raised at $852B[The Verge]
Largest private funding round ever at the time.
- Jun 2026
Confidential S-1 filed[CNN Business (via NewsLantern)]
OpenAI confirms draft registration with the SEC.
- Aug 2026
2027 target communicated to staff[Crypto Briefing]
CFO Sarah Friar points to 2027, sooner if conditions improve.
- Oct 2026
Funding target cut amid tech rout[Reuters]
Target trimmed from $30B @ $1.4T to ~$20B @ $1.25T.
- Nov 2026
$1.25T round; Anthropic prices IPO[The Verge]
OpenAI raises ~$11B. Anthropic sets $70–$78 range, Nasdaq: ANT.
- 2027 (expected)
Possible OpenAI IPO
Timing depends on markets, safety claims and SEC review.
Top rumors right now
OpenAI has confidentially filed an S-1 with the SEC
OpenAI confirmed in June 2026 that it submitted a confidential draft registration. A confidential filing lets a company work through SEC comments before making anything public.[CNN Business (via NewsLantern)]
The IPO is targeted for 2027, not 2026
CFO Sarah Friar reportedly told employees on Aug 19 that a 2027 listing is the plan, with the door open to going earlier if conditions improve. Altman called a 2026 IPO 'ill-advised'.[Crypto Briefing]
Goldman Sachs and Morgan Stanley are advising
Multiple outlets name the two banks as lead advisers. Neither OpenAI nor the banks have publicly confirmed final underwriter roles.[CNN Business (via NewsLantern)]
A $1.25T private round closed instead of a quick IPO
Bloomberg reported ~$11B raised at a $1.25T valuation, down from an initial $30B target at $1.4T after a tech selloff.[The Verge]
Sources
- OpenAI files confidential IPO registrationCNN Business (via NewsLantern) · 2026-06-01
- OpenAI valued at $1.25 trillion, as rival Anthropic nears its IPOThe Verge · 2026-11-06
- OpenAI slashes funding target by $10 billion amid tech routReuters · 2026-10-31
- Sam Altman rules out 2026 IPO, eyes $1 trillion valuation firstCrypto Briefing · 2026-09-12
- OpenAI revenue, valuation & fundingSacra · 2026-09-30
- Anthropic sets IPO price range, implied valuation of $1.404TTechCrunch · 2026-11-10