OpenAI Files Confidential IPO Application with Valuation Nearing $1 Trillion
OpenAI, the parent company of ChatGPT, has filed a confidential IPO application with the U.S. Securities and Exchange Commission (SEC). This marks the second AI super unicorn to pursue a public listing after Anthropic.
The company, founded in December 2015 by tech leaders including Sam Altman, Elon Musk, and Peter Thiel, initially operated as a non-profit research institution. In 2019, OpenAI transitioned into a 'capped-profit' hybrid structure and began accepting external investment.
Driven by approximately 900 million weekly active users and a rapidly expanding enterprise business, OpenAI is expected to debut on the capital markets with a valuation nearing $1 trillion.
The company's financial performance has been characterized by high growth accompanied by high losses. In the first quarter of 2026, the adjusted operating margin was -122%, meaning the company lost approximately $1.22 for every $1 of revenue generated.
OpenAI's investor lineup is a 'tech all-star' cast, with Amazon committing $50 billion and SoftBank contributing $30 billion in a recent funding round. Microsoft has also continued its participation, with an undisclosed amount.