OpenAI confidentially files IPO paperwork with SEC amid competitive tech landscape

OpenAI, the renowned maker of ChatGPT, has taken a significant step toward entering the public markets by confidentially filing its IPO prospectus with the Securities and Exchange Commission (SEC). According to multiple sources, the filing occurred on May 22, 2026, with Goldman Sachs and Morgan Stanley acting as lead underwriters. OpenAI is now targeting a public debut as early as September 2026, with its valuation expected to fall between $730 billion and $850 billion.

The confidential IPO filing comes during a highly competitive period in the technology sector, as other leading companies also prepare to go public this year. Notably, just days after OpenAI’s filing, its rival Anthropic submitted its own confidential IPO paperwork on June 1, following a $65 billion funding round that boosted its valuation to $965 billion. This development has temporarily placed Anthropic ahead of OpenAI in terms of valuation, intensifying the competition between the two generative AI powerhouses.

The race to dominate the AI and IPO markets

The competition to go public extends beyond OpenAI and Anthropic. SpaceX, Elon Musk’s private space exploration company, is poised to make its public market debut on June 12, 2026, with shares priced at $135 each on Nasdaq. If these companies succeed, 2026 could become a record-breaking year for initial public offerings in the United States. Their immense valuations have the potential to reshape the public markets and set a new benchmark for the tech industry.

Industry observers have noted that OpenAI's confidential filing was made possible by an SEC process expanded in March 2025. This process allows companies to submit draft registration statements for private review, delaying public disclosure until a formal filing is made. The approach offers flexibility and helps high-profile firms navigate market uncertainties before finalizing their plans for a public debut.

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Intense competition in generative AI

OpenAI and Anthropic are vying for dominance in the rapidly expanding generative AI market. OpenAI has continued to grow its user base through offerings like ChatGPT and enterprise solutions, while Anthropic has achieved an impressive estimated annualized run rate of $44 billion as of May 2026. Both companies, however, face the challenge of justifying their remarkable valuations to public market investors, particularly given their current operating losses and the significant resources required to develop advanced AI models.

"The competitive dynamic between OpenAI and Anthropic reflects the intense race for dominance in generative AI", the source article noted. As both companies prepare for their public offerings, their respective strategies and market positions will be closely watched by investors and industry analysts alike.

A transformative year for tech IPOs

With OpenAI, Anthropic, and SpaceX all moving toward public listings in quick succession, 2026 is shaping up to be a transformative year for the tech sector. As these companies navigate the IPO process, they are not only competing for investor interest but also setting the stage for what could be a historic moment in the intersection of technology and financial markets.

While the confidential filing process allows firms like OpenAI to fine-tune their strategies behind the scenes, the coming months will reveal how these tech giants fare in translating their private valuations into public market success. As September approaches, all eyes will remain on OpenAI and its competitors in this high-stakes race to the public markets.

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