OpenAI has filed confidentially for an initial public offering (IPO) as the ChatGPT maker looks to tap public markets for funding its ambitious growth plans. The Sam Altman-led firm is working with Goldman Sachs Group Inc. and Morgan Stanley on a potential listing.
Although deliberations are ongoing, the company has not decided on timing yet, citing the need to complete certain tasks that may be easier as a private company.
Founded over a decade ago, OpenAI has faced challenges, including heightened competition from Anthropic PBC and Alphabet Inc.'s Google. The company reportedly missed internal revenue and user growth targets, and several key executives have departed or stepped back from their roles.
A public debut in 2026 would pit Altman against Elon Musk, who is targeting an IPO for SpaceX, raising over $75 billion at a valuation of over $2 trillion.
AI companies are racing to raise tens of billions of dollars to buy chips, data centers, and build more advanced AI systems. OpenAI plans to spend about $600 billion on AI infrastructure by 2030.
