OpenAI readies US IPO filing as soon as 22nd, eyes September listing

2026-05-20

OpenAI Prepares US IPO Filing as Soon as 22nd

Moves toward US listing application

The Wall Street Journal said on the 20th that OpenAI has begun preparing to file for a US initial public offering as soon as the 22nd. If realized, it would be the next major artificial intelligence listing after SpaceX in June.

Assumes valuation above $1 trillion

According to the report, OpenAI is preparing listing documents for US regulators with Goldman Sachs and Morgan Stanley. The WSJ said the company plans to keep details undisclosed at the time of filing and is aiming for a listing as early as September. However, the plan remains fluid and could change.

The company was most recently valued at $852 billion. In its IPO, it is seen targeting a market capitalization of more than $1 trillion, making it a major deal after SpaceX, which is aiming for a valuation of around $1.75 trillion.

SoftBank Group (SBG) holds about 11% of OpenAI. As of October 2025, Microsoft was the largest shareholder with a 27% stake.

Lawsuits and competitive pressure

OpenAI is facing lawsuits from entrepreneur Elon Musk over its move to become a for-profit company and the use of funds in its early days, but won at first instance on the 18th. Some saw that as a step forward toward a listing.

Meanwhile, competition over AI development and sales is intensifying with Anthropic, creating a race over the timing of an IPO. Musk's SpaceX is also expected to publish a prospectus for a listing on the 20th and is seen going public on Nasdaq in mid-June.

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