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

> OpenAI said via X on 8 June 2026 that it submitted a confidential S-1 for an IPO.

*A week after its rival, OpenAI files confidentially. The race to list is now the story the whole sector is pricing.*

By WireRead Editorial · WireRead
Canonical: https://wireread.com/news/openai-follows-anthropic-to-the-market

Eight days after Anthropic, **OpenAI** said — via a post on X on 8 June 2026 — that it had submitted a **confidential S-1** to begin its own path to a public listing. The statement was characteristically candid: *'We expect it to leak so we're just announcing it.'* 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 goes first, and at what price* — and what that means for every other AI company watching.

## The reported numbers

Coverage puts the target valuation at roughly **$730B–$850B**, with some outlets reaching toward **~$1 trillion**. The spread itself is informative: these figures come from sources triangulating around a confidential filing, not from disclosed financials. The most concrete anchor is OpenAI's own **March 2026** funding round — a **$122 billion** raise — which priced the company at **$852 billion**, per Fortune. That round valuation, which CFO **Sarah Friar** has framed (per reporting) as enough to rank OpenAI among the **15 largest S&P 500 companies**, sets the floor expectation rather than the ceiling.

Underwriters are reported as **Goldman Sachs** and **Morgan Stanley** — the banks that earn more when the valuation prints higher — with **JPMorgan** also named in some accounts. A debut window of **September–November 2026** has been floated, though OpenAI has been deliberate in messaging that *'it may be a while'* and the timing is undecided. That kind of explicit caveat from the company itself is worth carrying forward whenever the exact quarter gets cited.

| Metric | Reported figure | Status |
| --- | --- | --- |
| Valuation (last round, Mar 2026) | **$852B** | Developing |
| Reported IPO target range | $730B–~$1T | Developing |
| Lead underwriters | Goldman Sachs, Morgan Stanley | Developing |
| Debut window | Sept–Nov 2026 | Developing |
| Timing decided | No — explicitly undecided | Verified |


> OpenAI said: 'We expect it to leak so we're just announcing it. We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.'
> — [Fortune](https://fortune.com/2026/06/09/we-expect-it-to-leak-openai-ipo-chatgpt/), 2026-06-09

## The sequencing logic

The strategic read is straightforward: neither lab wants to be the one that lists *second* into a market that has already made its AI-company verdict. Filing early preserves optionality while setting the narrative. There is also a genuine concern — one that Fortune's reporting surfaces explicitly — that if Anthropic reaches the public markets first it could *dampen demand* for its rival. That is the chess match behind the choreography. Both companies file confidentially, keep timing vague, and hold maximum flexibility while signalling seriousness to investors.

> **Key:** **The bigger picture:** Bloomberg has reported an AI-IPO pipeline of roughly **$3.6 trillion** in aggregate. OpenAI alone would spend about **$600 billion on AI infrastructure by 2030**, per numbers it shared with investors in February. Two confidential filings in eight days — from the two labs closest to the frontier — are the leading edge of that wave. The public markets are about to find out whether institutional investors will sustain these multiples at scale.

## What to watch next

The first publicly filed prospectus from either lab will set the comparables that every later AI listing is measured against — the P/E analogies, the growth-rate expectations, the revenue-per-model metrics. Until then, the confidential phase is a holding pattern: the SEC is reviewing, the bankers are building the book, and the market is watching which company blinks first and goes public. OpenAI's roughly $600 billion infrastructure plan also implies the IPO is not merely about liquidity for founders — it is about the capital to run the next phase of the buildout. That read, more than any specific price target, is the throughline to hold.

> In February, OpenAI told investors it was planning to spend about $600 billion on AI infrastructure by 2030.
> — [Fortune](https://fortune.com/2026/06/08/chatgpt-maker-openai-files-ipo-anthropic/), 2026-06-08

For every figure in this story, carry the 'reported' label — the filing is confidential, the financials are not public, and the window is explicitly open. What is confirmed: OpenAI filed, announced it proactively, and has tied its public-market move directly to its capital needs for a very long infrastructure buildout ahead.

## Key takeaways

- OpenAI confirmed a confidential S-1 via X on 8 June 2026 — roughly a week after Anthropic filed its own.
- Reported target valuation is ~$730B–$850B; some outlets push toward ~$1T — the spread reflects a confidential filing, not disclosed figures.
- OpenAI's most recent funding round (March 2026, $122B raised) valued it at $852B; per reporting, CFO Sarah Friar said that would rank it among the 15 largest S&P 500 companies.
- Underwriters are reported as Goldman Sachs and Morgan Stanley, with JPMorgan also named.
- A debut is floated for Sept–Nov 2026, but OpenAI's own statement: 'We have not decided on timing yet; it may be a while.'

## FAQ

### Has OpenAI filed for an IPO?
Yes. OpenAI confirmed via X on 8 June 2026 it submitted a confidential S-1 — the first formal step, about a week after Anthropic did the same. The full prospectus and financials remain private for now.

### What valuation is OpenAI targeting?
Reports put it at roughly $730B–$850B, with some outlets stretching toward ~$1T. The most concrete anchor is OpenAI's March 2026 funding round at $852B (Fortune, 8 June 2026). Figures vary because the filing is confidential.

### Why did OpenAI file so soon after Anthropic?
Fortune's reporting notes concern that if Anthropic lists first it could dampen demand for OpenAI shares — so filing early preserves optionality and keeps the narrative competitive. Both labs benefit from not being the laggard.

### When might OpenAI actually list?
OpenAI floated September–November 2026 as a possible window but stated explicitly: 'We have not decided on timing yet; it may be a while.' No date is confirmed (Bloomberg / Fortune, June 2026).

### Who are OpenAI's underwriters?
Goldman Sachs and Morgan Stanley are the reported lead underwriters, with JPMorgan also named in some coverage. These remain developing reports — they have not been officially confirmed.

## Sources

- [OpenAI, maker of ChatGPT, files for IPO](https://www.nbcnews.com/business/markets/openai-chatgpt-files-ipo-rcna349101) — NBC News, 2026-06-08
- [OpenAI filed confidentially for IPO as rivals race to market](https://www.bloomberg.com/news/articles/2026-06-08/openai-filed-confidentially-for-ipo-as-rivals-race-to-market) — Bloomberg, 2026-06-08
- [ChatGPT maker OpenAI confidentially files for IPO, a week after Anthropic](https://fortune.com/2026/06/08/chatgpt-maker-openai-files-ipo-anthropic/) — Fortune, 2026-06-08
- ['We expect it to leak': OpenAI is frontrunning the narrative around its IPO](https://fortune.com/2026/06/09/we-expect-it-to-leak-openai-ipo-chatgpt/) — Fortune, 2026-06-09
- [Anthropic confidentially files its S-1 first — but the IPO race with OpenAI is just beginning](https://fortune.com/2026/06/01/anthropic-s1-confidential/) — Fortune, 2026-06-01