OpenAI Files Confidentially for IPO, Following Rival Anthropic

OpenAI, the developer of ChatGPT, announced on June 8, 2026, that it had filed a confidential registration for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). This move, revealed in an official blog post, comes just one week after rival Anthropic filed for its own IPO, rapidly escalating the competition among major AI companies to access public markets.

Background and Market Environment

OpenAI submitted a draft registration statement to the SEC, beginning preparations for an IPO. At this stage, the number of shares to be issued and the price have not been disclosed. The company’s post-money valuation stands at $852 billion. The filing is the latest sign that 2026 could be a landmark year for public markets. SpaceX, with a valuation of $1.75 trillion, is also expected to list, potentially bringing three of the most-watched technology companies to the stock market within months. This would create an unprecedented high-stakes listing rush for this generation.

According to a report by TechCrunch, OpenAI’s IPO filing came just one week after Anthropic’s IPO filing (related article: Anthropic’s IPO Filing), signaling a new phase in competition between the two companies.

OpenAI’s Financial Challenges

However, OpenAI’s financial situation is far from optimistic. The Wall Street Journal reported that the company has recently fallen short of targets for new users and revenue. Chief Financial Officer (CFO) Sarah Friar has reportedly expressed concerns about whether OpenAI can sustain its massive data center spending. And that spending is indeed enormous. In late March 2026, OpenAI raised $122 billion in what was the largest fundraising round in Silicon Valley history, with $3 billion of that directly collected from individual investors through banking channels.

But the company expects to spend nearly the same amount on computing power for AI research alone by 2028, and even if it doubles its revenue year-over-year, it projects a loss of $85 billion in that year. Simply put, OpenAI is asking public market investors to bet on a business where spending will continue to outpace revenue for at least another four years.

Differences with Anthropic

In contrast, Anthropic has presented a much more optimistic financial outlook to investors. The company says it is close to achieving its first profitable quarter. However, Anthropic also recently completed a $65 billion funding round, and an additional $36 billion in debt for chip procurement may be under consideration. In other words, Anthropic’s cash burn rate is also far from moderate.

The Confidential Filing Advantage

With this confidential IPO filing, OpenAI can proceed with its listing preparations without disclosing detailed financial information or business risks. As a result, the company has not yet announced the stock price or the amount it hopes to raise. As mentioned in a related article published on this site the same day, “Anthropic to Release Ultra-Dangerous AI ‘Claude Mythos’ in Limited Access,” Anthropic is taking a different strategy in its competition with OpenAI.

Secondary Market Valuations

Nevertheless, secondary market data offers a glimpse into what investors might be willing to pay. On Forge Global, a secondary market platform for individual investors, Anthropic’s valuation recently surged to $1 trillion, surpassing OpenAI’s roughly $880 billion as of April. David Shapiro, founder and CEO of OpenVC and overseer of the NYSE OpenVC 500 Index, is closely watching this situation. SpaceX’s AI spending also highlights a structural challenge: the cost of training large language models may exceed the revenue those models generate. This is an industry-wide issue that public market investors will need to factor into pricing.

Editorial View

Short-Term Impact

OpenAI’s IPO filing has the potential to fundamentally alter the funding environment for the AI industry from late 2026 into 2027. Public market investors are expected to take a much stricter view of the high cash burn rates that venture capital has tolerated. OpenAI’s internal projection of an $85 billion loss in 2028 is untenable under valuation models based on traditional profitability metrics. Therefore, the growth story OpenAI presents through the IPO process will have ripple effects on the overall funding strategies of other AI companies. In particular, Anthropic’s claim that it is nearing profitability will be a key differentiator.

Long-Term Perspective

Over a one- to three-year span, this listing rush can be seen as symbolizing the AI industry’s transition to a “grown-up stage.” The simultaneous debut of three companies, including SpaceX, gives investors a means to gain large-scale exposure to AI-related stocks. However, as OpenAI’s financial outlook shows, AI research and development costs are vastly outpacing the speed of monetization. This structural challenge raises a universal question: how much leeway will public markets give AI companies? If the market imposes a harsh valuation on OpenAI, it could raise funding costs across the industry and affect the survival strategies of smaller AI startups.

Questions from the Editorial Team

OpenAI’s internal projection shows that even with revenue doubling by 2028, it will still be in the red. This highlights a fundamental question about whether the entire AI industry’s business model is sustainable. How much will investors believe in the promise of “enormous future returns”? And if Anthropic’s claim of profitability is true, why is there such a gap in financial performance between the two companies? Is it due to different approaches to AI R&D cost structures, or differences in accounting treatment? How do our readers think public markets should value AI companies?

References

• Following Anthropic, OpenAI files confidentially for IPO - TechCrunch — Published June 8, 2026
• Anthropic to Release Ultra-Dangerous AI ‘Claude Mythos’ in Limited Access — Related article on this site
• OpenAI Files for IPO with SEC, Valuation $852 Billion — Related article on this site