OpenAI files confidential S-1, eyeing a near-$1tn listing by Q4

Summary

On 8 June 2026 Openai confirmed it had submitted a draft S-1 confidentially to the SEC, opening the door to a public listing as soon as Q4 2026 at a valuation reported near $1tn. The filing lands a week after Anthropic's confidential submission and days before Spacex's Nasdaq debut; the three could become the largest IPOs on record. Goldman Sachs and Morgan Stanley lead. OpenAI stressed timing is undecided and the listing may slip, some restructuring is easier as a private company. The company last closed a $122bn round at an $852bn valuation in March, anchored by Nvidia, Softbank and Amazon, with Microsoft continuing. Enterprise now exceeds 40% of revenue.

By the numbers

• 8 Jun 2026, confidential S-1 submitted.
• ~$1tn, reported target valuation.
• $852bn, March 2026 round valuation.
• $122bn, committed in the March round.

• 40%, enterprise share of revenue.

• Goldman Sachs, Morgan Stanley, lead banks.

Why it matters

A near-trillion-dollar listing would set the public-market benchmark for frontier-AI economics and force disclosure of OpenAI's loss profile, compute commitments and the non-profit/for-profit structure. Back-to-back with Anthropic and Spacex, it tests whether public investors will absorb three of the largest offerings ever inside one window, and whether AI capex can be financed on listed equity.

What to watch

• Whether OpenAI converts the draft to a public S-1 or delays past Q4.
• First disclosed financials: revenue run-rate, losses, compute liabilities.
• How the non-profit-parent governance structure is presented to investors.