OpenAI, the company behind ChatGPT, has confidentially filed for an initial public offering, it said in a blog post on Monday. The filing arrives just over a week after its primary rival, Anthropic, also submitted its own public-listing application, intensifying the competition between the two AI companies. OpenAI, which was last valued at $852 billion on a post-money basis, has submitted a draft registration statement to the U.S. Securities and Exchange Commission for a planned IPO. OpenAI has not provided any details so far. However, the company explained that it published the blog post in anticipation of a potential leak. “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,” the company wrote. “But it’s a complex set of trade-offs, and this allows us to go public earlier if that turns out to be the optimal choice.” At roughly the same time, OpenAI released a separate blog post containing a broad philosophical declaration of its mission, its long-term vision for AGI, and its conviction that AI must ultimately benefit all of humanity—the sort of expansive, forward-looking statement that companies about to enter a quiet period have traditionally avoided. The fact that OpenAI feels at ease releasing this material so soon before a confidential submission reveals something—not necessarily about its own legal prudence, but about the regulatory landscape in which it operates. The SEC under the Trump administration has adopted a noticeably more relaxed approach toward tech and AI companies compared to prior administrations, and OpenAI may simply be gauging the current environment. Regardless of the regulatory issues, the filing is the latest indication that 2026 is shaping up to be a blockbuster year for the public markets.
