OpenAI Confidentially Files for IPO, Joining Anthropic in the Public-Markets Queue

The ChatGPT maker has submitted a Form S-1 to the SEC, a procedural move that puts it on a parallel track with its closest rival — but tells us almost nothing yet about valuation, timing, or governance.

Written by Lena Armitage · Bureau Tech · Jun 13, 2026

The move everyone expected, finally on paper

OpenAI has confidentially submitted a Form S-1 — the registration statement required by the U.S. Securities and Exchange Commission before a company can sell shares to the public — according to an announcement the company made Monday. The filing follows a nearly identical move by Anthropic, which submitted its own confidential S-1 on June 1st.

A confidential filing, permitted under the JOBS Act for "emerging growth companies," lets a company begin the regulatory review process without immediately disclosing its financials to competitors or the press. The public version of the document typically surfaces 15 days before a roadshow begins. Until then, what OpenAI actually told the SEC stays between OpenAI and the SEC.

What we know, and what we don't

The filing confirms that OpenAI is serious about going public. It does not confirm when, at what valuation, or under what corporate structure.

That last point matters more than it might seem. OpenAI spent much of 2025 executing a complex conversion from a "capped-profit" LLC — a structure it invented to attract investment while nominally preserving its nonprofit mission — to a more conventional for-profit corporation. How that restructuring is reflected in the S-1, and how the nonprofit entity retains (or doesn't retain) meaningful control, will be among the most scrutinized sections of the eventual public filing.

OpenAI was last privately valued at roughly $300 billion in a funding round earlier this year, though private valuations and public-market pricing are different animals. Anthropic's most recent private valuation sat around $61 billion. Neither number should be treated as a prediction of IPO price.

A race with an unclear finish line

The framing of an "IPO race" between OpenAI and Anthropic is irresistible to headline writers, and not entirely wrong — both companies have clear incentives to access public capital markets, and both are watching each other closely. But the race metaphor obscures a meaningful difference in scale, product mix, and investor base.

OpenAI's consumer footprint, through ChatGPT, dwarfs Anthropic's. Anthropic has leaned harder into enterprise and API customers, and has structured deep partnerships with Google and Amazon that will require careful disclosure in its own S-1. The two companies are competing for some of the same enterprise contracts, but they are not identical businesses.

What comes next

Both companies will now go through SEC review, likely involving multiple rounds of comment letters and revisions. Once the SEC declares the registration effective, each company can set a price range, conduct a roadshow, and price the offering. That process typically takes several months from confidential filing to first trade — though it can move faster or slower depending on market conditions and regulatory back-and-forth.

The public S-1, when it arrives, will be the first time outside investors get a structured look at OpenAI's revenue, costs, and risk factors under oath. That document will be worth reading carefully. This filing is not that document.

Key takeaways

OpenAI filed a confidential Form S-1 with the SEC on Monday, June 9, 2026, initiating the IPO process.
Anthropic filed its own confidential S-1 on June 1st, making it the first of the two major AI labs to take this step.
A confidential S-1 is a preliminary procedural filing — it does not disclose financials, valuation targets, or a timeline for trading.
The parallel filings formalize what has been an increasingly public rivalry between the two companies over the past year.
Key unknowns remain: OpenAI's corporate restructuring from a capped-profit to a for-profit entity, its revenue trajectory, and how public investors will price AI infrastructure risk.

FAQ

What is a Form S-1?

A Form S-1 is the registration statement a company must file with the U.S. Securities and Exchange Commission before conducting an initial public offering. It discloses financials, business description, risk factors, and ownership structure. A confidential S-1 goes through the same review process but is not publicly available until the company chooses to release it, typically shortly before a roadshow.

Does this mean OpenAI's IPO is imminent?

Not necessarily. A confidential S-1 filing initiates the SEC review process, but the timeline from filing to first trade typically spans several months and depends on regulatory review, market conditions, and the company's own readiness. No pricing, exchange listing, or trading date has been announced.

Why did both OpenAI and Anthropic file around the same time?

Both companies have been building toward public offerings for roughly a year, driven by the need for large-scale capital to fund compute infrastructure and ongoing model development. The near-simultaneous filings likely reflect parallel internal timelines rather than a coordinated move, though each company is clearly aware of the other's actions.

What will the public S-1 reveal that we don't know now?

The public filing will include audited financial statements, revenue figures, cost structure, details of OpenAI's corporate restructuring, risk factors, and information about major shareholders and governance. It will be the most detailed public disclosure OpenAI has ever made about its business.

How does OpenAI's corporate restructuring affect the IPO?

OpenAI converted from a capped-profit LLC to a for-profit corporation in 2025, a process that involved negotiating the ongoing role of its nonprofit parent entity. How that structure is reflected in the S-1 — particularly what control, if any, the nonprofit retains — is one of the most consequential unknowns heading into the public filing.

Citations

OpenAI files for IPO, following AnthropicOpenAI announced it has confidentially submitted a Form S-1 with the U.S. Securities and Exchange Commission.
OpenAI files for IPO, following Anthropic — Anthropic S-1 referenceAnthropic confidentially submitted its own Form S-1 on June 1st, approximately one week before OpenAI's filing.
The Verge — AI coverage indexBureau research source confirming the OpenAI and Anthropic IPO filing news.