Eleven years from nonprofit research lab to the biggest tech IPO ever attempted. OpenAI is working with Goldman Sachs and Morgan Stanley on a confidential filing, targeting a listing as soon as September 2026 at a private-market valuation around $730B. For scale: Alibaba set the tech IPO record in 2014 at a $168B valuation. This would be more than four times that.
Why this exact week matters
Three storylines collided. OpenAI shipped GPT-5.6 in three tiers (Sol, Terra, Luna) on July 10. The same day, Apple sued it in federal court for trade secret theft over its hardware program, noting 400+ former Apple employees now work there. And Anthropic — which filed its own confidential S-1 first — has reportedly passed OpenAI in run-rate revenue. Going public now is a race, not a victory lap.
The math investors will finally see
Roughly $25B in annualized revenue, a projected $14B loss in 2026, profitability penciled in around 2029. A confidential filing keeps all of it — including Microsoft’s reported 20% revenue share — sealed until pricing gets close. That’s exactly the point.
You Might Also Like
- Openai gpt 5 6 sol Terra Luna a Three Tier Lineup Only 20 Orgs can Touch
- Anthropic Enterprise ai Services Firm With Blackstone Hellman Friedman Goldman Sachs Launches With 1 5b to Skip the big Consulting Firms
- Microsoft Mdash Scores 88 45 on Cybergym Beating Anthropic Mythos and Openai gpt 5 5
- Gpt oss 120b Openai Finally Goes Open Source and its Worth the Wait
- 13b Into Openai yet Microsoft Copilot Cowork Runs on Anthropic Claude
Top AI Product 
Leave a comment