OpenAI Plans IPO Filing as Early as Friday — Key Details for Investors

Key Takeaways

• OpenAI is expected to submit a confidential IPO filing as early as Friday, May 23, with a September launch target
• Investment banking giants Goldman Sachs and Morgan Stanley are spearheading the IPO preparations
• Following a historic $122 billion private funding round in March, the AI firm holds an $852 billion valuation
• Elon Musk’s $150 billion lawsuit against the company was thrown out by a federal jury this week
• The company has fallen short of internal financial and user expansion projections, sparking concerns about sustainability

The artificial intelligence powerhouse behind ChatGPT is gearing up to submit confidential paperwork for a stock market debut as soon as this Friday, The Wall Street Journal reports.

Goldman Sachs and Morgan Stanley are collaborating with the company on filing preparations. CEO Sam Altman has set an ambitious timeline, aiming to have OpenAI trading on public exchanges by September 2026.

The AI giant achieved an $852 billion valuation following its March 2026 funding round that brought in $122 billion—establishing a record as the largest private capital raise ever. Industry analysts have speculated the company might pursue a $1 trillion market capitalization when it goes public.

Major Lawsuit Dismissed Ahead of Public Offering

The timing of the IPO preparation follows closely after OpenAI prevailed in a legal dispute with co-founder Elon Musk. Earlier this week, a federal jury sided with the company, throwing out Musk’s case due to statute of limitations violations.

Musk’s $150 billion lawsuit challenged OpenAI’s transformation from nonprofit to for-profit status, claiming breach of obligations after his $38 million in donations made between 2015 and 2017.

The verdict eliminates a significant legal obstacle that had threatened the company’s public offering plans. Musk has indicated his intention to pursue an appeal.

Revenue Growth Shows Mixed Signals

Chief Financial Officer Sarah Friar announced in January that OpenAI had achieved a $20 billion annualized revenue rate during 2025, representing more than triple the $6 billion generated in 2024.

However, internal documents suggest the company has underperformed against its own projections for both income generation and user base expansion. Friar reportedly cautioned leadership that slower-than-expected revenue increases could jeopardize fulfillment of substantial data center obligations.

The company has pledged $1.4 trillion toward data center infrastructure development spanning the next seven to eight years. Additionally, OpenAI plans to allocate $600 billion over five years for semiconductor acquisition and data center construction.

Current metrics show the platform serves 700 million weekly active users as of early 2026.

The pathway to sustained profitability remains uncertain. Similar to other major AI companies entering public markets, analysts expect OpenAI shares to command premium valuation multiples.

Intensifying Rivalry in AI Sector

Competitor Anthropic revealed $30 billion in annualized revenue during April 2026 and is currently pursuing fresh capital that could elevate its valuation to $900 billion—potentially surpassing OpenAI’s most recent private market assessment.

SpaceX has simultaneously begun preparing its own public offering documentation. Notably, Goldman Sachs is orchestrating that IPO as well.

Technology sector IPO momentum has accelerated recently. AI chip manufacturer Cerebras completed its public listing and experienced substantial price appreciation following its market entrance.

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