OpenAI, owner of ChatGPT, files for IPO; company could be worth US$1 trillion

Logo of OpenAI, owner of ChatGPT
REUTERS/Dado Ruvic/
OpenAI, creator of ChatGPT, filed confidentially on Monday (8) for an initial public offering (IPO) in the United States, joining rival Anthropic in a rush to the stock market as investors seek exposure to the boom in artificial intelligence.
OpenAI did not disclose the size or terms of the offering, but Reuters reported that the AI giant is targeting a valuation of up to US$1 trillion in a stock market debut that could happen as early as September.
At this valuation, OpenAI would pave the way for a trio of rapidly debuting companies with market caps in the trillions of dollars and is seen as the most important test of investor appetite for high-growth technology stocks in the last decade.
Elon Musk's SpaceX was the first to take the lead, filing an IPO request that would be the largest in history, if completed, with the company seeking a $75 billion offering at a $1.75 trillion valuation.
In prediction markets, where participants bet on the outcome of future events, most expected OpenAI to file its IPO before Anthropic.
The AI era
Anthropic and OpenAI's IPOs would cement a transformative period for the technology industry and global markets, with artificial intelligence quickly emerging as the key theme investment of the decade.
OpenAI said earlier this year that it was raising $110 billion at a valuation of $840 billion, with support from major investors including SoftBank, Amazon and Nvidia.
At the time, it also revealed that ChatGPT had more than 900 million weekly active users and more than 50 million consumer subscribers.
The IPO filing comes after OpenAI renegotiated its partnership with Microsoft, one of its earliest investors, allowing the AI pioneer to forge new partnerships with companies like Amazon.com and Alphabet's Google unit.
The Windows maker's initial investment, totaling $13 billion since 2019, helped pave the way for OpenAI's rapid rise and fueled the growth of its Azure cloud computing business.
In March, OpenAI said it was generating $2 billion in monthly revenue and growing roughly four times faster than companies that defined the internet eras and mobility, including Alphabet and Meta.
That compares to about $1 billion in quarterly revenue by the end of 2024.
Competitors gain strength
Still, the industry that OpenAI helped create has quickly become more competitive, with companies like Anthropic racing to challenge its leadership, while investors assess whether the AI sector's meteoric rise can be sustained.
Anthropic has emerged as a leading rival with its A.I. Claude is seeing strong demand among software developers for programming tasks, and some companies are using its more advanced model, Mythos, to identify vulnerabilities in their code.
The company behind the popular programming assistant Claude Code filed confidentially on Monday for an initial public offering in the United States, just weeks after raising $65 billion in a funding round that valued it at $965 billion.
While these large offerings could bring new momentum to the U.S. IPO market, United, some bankers warn that they could also absorb capital that would otherwise go to smaller operations.
Altman versus Musk
OpenAI was founded in 2015 as a research-focused nonprofit, but created a for-profit division four years later to help finance the rising costs of developing artificial intelligence systems.
Its unusual structure, which gave the nonprofit entity control over the for-profit organization, came under intense scrutiny in late 2023, when CEO Sam Altman was briefly removed from office before returning day

s later, following an employee revolt.
In December 2024, OpenAI revealed plans to revamp its structure through the creation of a public benefit corporation, saying the move would help it raise much more capital and ease restrictions imposed by its nonprofit parent.
The revamp quickly became controversial after heavy criticism from one of its early backers, billionaire Elon Musk, who later sued OpenAI and accused Altman and other executives of transforming the organization nonprofit into a private enrichment vehicle.
In May, a U.S. jury ruled against Musk in his lawsuit, concluding that the AI company was not responsible to the world's richest person for allegedly straying from its original mission to benefit humanity.
The unanimous verdict removed a major factor of uncertainty for the IPO, with analysts saying it eliminated a major legal hurdle that often worries stock market investors.

Source: G1

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