ChatGPT maker OpenAI files for US IPO days after Anthropic – Firstpost

OpenAI, the company behind the popular ChatGPT chatbot, confidentially filed for a US initial public offering (IPO), moving a step closer to what could become one of the most significant technology listings in recent years and coming just days after rival AI startup Anthropic launched its own IPO process.

The Microsoft-backed artificial intelligence pioneer said that it had submitted confidential paperwork for a public offering but did not disclose the size of the issue or a potential listing date.

“It may be a while because there are things we want to do that are likely easier as a private company,” OpenAI said in a statement.

The filing marks a major milestone for the AI industry, which has become the dominant investment theme on Wall Street since ChatGPT’s launch sparked a global race among technology companies to develop and deploy generative AI products.

According to earlier reports, OpenAI is targeting a valuation of up to $1 trillion in a public market debut that could take place as early as September. If achieved, it would rank among the most valuable IPOs in history and become a key test of investor appetite for high-growth AI companies.

The move comes shortly after Anthropic, one of OpenAI’s biggest competitors, confidentially filed for its own US IPO. Together, the offerings could reshape the technology IPO landscape and provide investors with rare opportunities to buy into companies at the forefront of the AI revolution.

OpenAI’s rise has been nothing short of extraordinary. Earlier this year, the company said it was raising $110 billion at a valuation of $840 billion from investors including SoftBank, Amazon and Nvidia. It also disclosed that ChatGPT had surpassed 900 million weekly active users and attracted more than 50 million paying consumer subscribers.

The company has reported rapid revenue growth as enterprises and consumers increasingly adopt AI-powered tools. In March, OpenAI said it was generating approximately $2 billion in monthly revenue, compared with roughly $1 billion in quarterly revenue at the end of 2024.

Founded in 2015 as a nonprofit research organisation, the company created a for-profit arm in 2019 to raise the enormous capital required for developing advanced AI systems. Its unusual structure came under scrutiny in late 2023 when chief executive Sam Altman was briefly removed by the board before returning days later following a backlash from employees and investors.

In December 2024, OpenAI unveiled plans to convert its business into a public benefit corporation, arguing that the move would make it easier to raise capital while preserving its broader mission.

The restructuring drew criticism from billionaire Elon Musk, one of OpenAI’s early backers, who sued the company and accused its leadership of abandoning its original nonprofit goals. However, a US jury ruled against Musk in May, removing a significant legal overhang ahead of the company’s anticipated public listing.