On May 20, local time, according to people familiar with the matter, ChatGPT developer OpenAI is preparing to secretly submit an initial public offering (IPO) application, with the goal of landing on the public market as early as September.
It is reported that OpenAI has cooperated with investment banks such as Goldman Sachs and Morgan Stanley to draft a prospectus and plans to secretly submit documents to regulators as early as this Friday. If this IPO goes through, it will become one of the largest listings in the field of artificial intelligence. The company has been valued at about $850 billion in its latest round of private financing.
OpenAI passed one of the key IPO hurdles earlier this week when the company won a legal battle with co-founder Elon Musk, with a court ruling in OpenAI's favor. However, Musk has said he will appeal.
It is worth noting that OpenAI’s preparations for listing coincide with the fact that competitor SpaceX is also advancing its IPO plan. SpaceX secretly submitted an S-1 document last month with a target valuation of approximately US$1.75 trillion. Two trillion-dollar technology giants competed to go public in the same window period, which was regarded by the market as a landmark event in the competition for capital in the fields of AI and space economy. An OpenAI spokesperson said that as part of normal governance, the company regularly evaluates a range of strategic options, and the current focus remains on business execution.
Related articles:
OpenAI is about to prepare to submit an IPO application