OpenAI follows Anthropic to the market — and the AI-IPO pipeline comes into view

Eight days after Anthropic, OpenAI said — via a post on X on 8 June 2026 — that it has submitted a confidential S-1 to begin its own path to a public listing. Two of the most valuable private companies in the world are now in the IPO queue within a week of each other, which turns the question from if to who first, and at what price.

Coverage puts the target valuation at roughly $730B–$850B, though some reports stretch toward ~$1 trillion — the spread itself tells you these are estimates, not disclosed figures. Underwriters are reported as Goldman Sachs and Morgan Stanley, with JPMorgan also named. A debut could land somewhere in September–November 2026, but OpenAI has been explicit that the timing is undecided.

The strategic read is straightforward: neither lab wants to be the one that lists second into a saturated market, so filing early is a way to keep optionality and set the narrative. For everyone else, the sequencing matters — the first prospectus to go fully public will set the comparables every later AI listing is judged against. Until then, every figure here should carry its 'reported' label.