Tech giant OpenAI files for US initial public offering

ChatGPT-maker OpenAI has confidentially filed for a United States initial public offering (IPO), joining rival Anthropic in a push towards the stock market as investors seek exposure to the artificial intelligence boom.

OpenAI did not disclose the size or terms of the offering. It said a timeline has not yet been determined. “It may be a while because there are things we want to do that are likely easier as a private company,” it said in a statement on Monday.

The Reuters news agency previously reported that the AI giant is targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September.

At that valuation, OpenAI would set the stage for a trio of trillion-dollar valuation companies debuting rapidly, seen as the most consequential test of investor appetite for high-growth technology stocks in the recent decade.

Elon Musk’s SpaceX was the first off the block , filing for an IPO that would rank as the largest in history if completed, with the company pursuing a $75bn offering at a $1.75 trillion valuation.

The IPOs from Anthropic and OpenAI would crystallise a transformative period for the technology industry and global markets, with AI rapidly emerging as the defining investment theme of the decade.

OpenAI said earlier this year that it was raising $110bn at an $840bn valuation from a roster of heavyweight backers, including SoftBank, Amazon and Nvidia.

At the time, it also disclosed that ChatGPT had more than 900 million weekly active users and more than 50 million consumer subscribers.