OpenAI Confidentially Files for IPO Following Anthropic
Tags AI · IPO · Enterprise
OpenAI submitted a confidential draft S-1 to the SEC on June 8, 2026, becoming the second major AI company in a week to file for a public offering after Anthropic's filing on June 1. OpenAI was last valued at $852 billion post-money after a $122 billion funding round in March 2026 — the largest in Silicon Valley history — while Anthropic raised $65 billion at a near-$1 trillion valuation. OpenAI projects burning $85 billion in 2028 even after doubling sales, and recently missed internal targets for new users and revenue. The filings set up a historic race between the two AI giants to go public while both face massive cash burn and uncertain paths to profitability. SpaceX is also expected to debut at a $1.75 trillion valuation, meaning three major tech companies could go public within months.
Technical significance
The confidential IPO filings by both OpenAI and Anthropic within a week of each other signals the AI industry's transition from private-market growth-at-all-costs to public-market accountability. For the tech industry, this creates a new benchmark for AI company valuations and will likely unlock a wave of secondary liquidity for employees and early investors. The $85B projected cash burn by OpenAI in 2028 highlights the enormous infrastructure costs of frontier AI development.