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AI BriefWire / Briefing
OpenAI has confidentially filed a Form S-1 with the US SEC to begin the IPO process. This follows a similar move by rival AI company Anthropic earlier in June. The filing marks a significant step in the competition between leading AI startups to go public.
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OpenAI announced it has filed to go public on the stock market, without revealing details like a price or target date for the IPO.
One of the most highly anticipated public offerings in history has moved one step closer to reality.
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OpenAI on Monday checked off a preliminary step in the IPO race that it and rival Anthropic have been competing in for the better part of a year: The company announced it has confidentially submitted a Form S-1 with the US Securities and Exchange Commission, following Anthropic’s decision to do the same on June 1st.
The confidential filing means that certain details normally available through the form — such as executive compensation figures, potential risks to a company’s business, and more financials — aren’t yet public.
As of Anthropic’s most recent fundraise, it’s being called the world’s most valuable startup, with a post-money valuation of $965 billion that surpassed OpenAI’s latest $852 billion post-money valuation.
OpenAI has been preparing to go public for months, but reports have surfaced that certain executives, namely CFO Sarah Friar, haven’t been as gung-ho about the fast-tracked IPO as CEO Sam Altman, due to missed revenue targets and user growth numbers, and concerns that OpenAI won’t be able to pay for all its compute spending commitments. The company had initially said it was planning to spend $1.4 trillion on compute infrastructure, which Altman seemed to become defensive about when publicly questioned on it. In February, though, OpenAI adjusted that figure, telling investors it plans to spend $600 billion on compute by 2030.