ChatGPT maker OpenAI joins Anthropic and SpaceX’ in public offering race to apply for IPO

OpenAI, the company behind ChatGPT’, has taken an important step towards listing a potential exchange by offering confidential preliminary paperwork to the U.S. Securities and Exchange Commission ’ (SEC).

The San Francisco-based artificial intelligence company announced the application on Monday, becoming the latest major artificial intelligence company to approach the initial public offering (IPO).

In a statement from OpenAI, “We are waiting for the leak, so we are just announcing ” said. “We have not yet decided on the timing; It may take some time because there are easier things we want to do as a private company. But it's a complex set of concessions, and that gives us the option to go public sooner, if that's what's best.”

The move comes after rival Anthropic’ announced on June 1 that it was also looking for an IPO. Both companies join Elon Musk’'s SpaceX’, which has embarked on an IPO publicity trip while positioning itself as an artificial intelligence-focused space company.

OpenAI CEO Sam Altman first raised the possibility of an IPO last year, describing it as ’en possible way given the company's scale and the need for a significant amount of capital to develop advanced artificial intelligence systems.

Founded in 2015 as a non-profit organization focused on developing artificial intelligence for the public good, OpenAI has since grown into a company worth $852 billion (€730 billion).

The application came at a time when eMarketer analyst Nate Elliott ’ described “ as a precarious moment” for the company, with OpenAI’ facing increasing competition from Google and Anthropic’.

Elliott, “But OpenAI’ doesn't have much room to look for the enormous capital needed to support its costs, ” said.

An important step was taken on the way to the public offering last year when OpenAI’ restructured its business and became a company working in the public interest, remaining under the control of its non-profit parent.

The company also removed a significant legal hurdle after defeating Musk’ at a federal jury hearing last month. Musk, one of the co-founders and one of the first donors, had sought to remove Altman’ from leadership and reverse OpenAI’'s transition to a for-profit model. The judge dismissed the case after the jurors found that Musk’ had filed the case too late.

Why does OpenAI’ need new capital?

OpenAI did not publicly disclose its revenues or provide a timeline for profitability. Similar to Anthropic and SpaceX’e, the company is losing more than it earns as it continues to spend heavily on infrastructure and development while competing in the increasingly crowded artificial intelligence market. Major competitors include Anthropic’in Claude chatbot’u and Google’'s Gemini assistant.

Speaking to The Associated Press’e in April, OpenAI chief financial officer Sarah Friar said the company was already working with the discipline expected from an exchange-traded company, including measuring revenue against the standards required for SEC reporting.

Friar, “ said, "I want us to be ready, ”." “I think it's a good thing to be able to take advantage of public markets. These are much larger than specialty markets.”

OpenAI added that ’'s current valuation would place it among the 15 largest companies in the S&P 500 index.

Friar said “ has a moment of authentication of being a publicly traded company. “ At this point, people are checking your balance sheet, the SEC is managing you, etc. ”

In a separate statement released on Monday, Altman outlined OpenAI’nin's long-term goals, including developing an automated AI researcher, accelerating economic growth, and providing a personal AGI“ (artificial general intelligence that can outperform humans in many tasks) to everyone around the world.

Altman said OpenAI’ is moving from pure research to commercial products and is now entering a third phase, focusing on the broad distribution of AI-driven benefits.

“We are working to ensure that earnings are widely shared, ” said. “Everyone should have the opportunity to get a meaningful share of the prosperity created by artificial intelligence.”

The comments came days after Altman’ met with U.S. Senator Bernie Sanders, who proposed giving a 50 percent stake in artificial intelligence companies like OpenAI to the public. They also follow U.S. President Donald Trump ’'s statements in support of the idea of giving the public a share in the growth of the artificial intelligence sector.

The world's most valuable artificial intelligence initiative: Anthropic moves closer to $1 trillion ahead of OpenAI’

Artificial intelligence company Anthropic said on Thursday it raised $65 billion (€55.8 billion) in private finance and raised its valuation to $965 billion (829 billion euros). This has made Claude chatbot’'s five-year-old maker, Wall Street’, possibly one of the world's most valuable start-up’s moving towards launch.

The announcement puts Anthropic’i ahead of its chief competitor, ChatGPT producer OpenAI’, in terms of both market capitalization and reported revenue. Anthropic said it now generates an annual revenue of $47 billion (€40.4 billion) by selling its technology to people and organizations that use Claude to code and perform other business and personal tasks on their behalf.

Anthropic was founded in 2021 by former OpenAI executives, and now both AI firms, Elon Musk’'s rocket and AI company SpaceX’, are also expected to become public. All three are still losing more money than they earn, which raises AI bubble concerns.

San Francisco-based Anthropic said the new funding round was led by investment firms Altimeter Capital, Dragoneer Investment Group, Greenoaks Capital and Sequoia Capital.

Krishna Rao, chief financial officer of Anthropic, said in a statement that “This fund will help us meet the historic demand we live in, stay on the research frontier, and bring Claude’ to more places where work takes place.

Anthropic also released its latest AI model on Thursday, called Claude Opus 4.8, which it says is better than previous models in coding and other professional work.

The rapid growth of Anthropic’ and the growing popularity of Claude’ caused OpenAI’ to catch up, despite its initial leadership in making ChatGPT’ a known name that ignited a commercial AI explosion.

OpenAI last reported in March that it was moving towards a valuation of $852 billion (€732 billion) after a $122 billion (€104.8 billion) fundraising round. The value of SpaceX’ was $800 billion (€680 billion) last year, but its value rose to $1.25 trillion (€1.06 trillion) after the space research company merged with Musk’'s xAI’si in February.

Musk recently announced plans for one of the largest stock sales ever, and will be able to make the offer available to investors next week.

OpenAI also removed a major hurdle toward its initial public offering goals after a federal court last week dismissed Musk’, OpenAI co-founder and first donor, after weeks of jury hearings over whether the company betrayed its original nonprofit mission. Musk said he plans to appeal.

Despite its newly discovered success, Anthropic has also faced obstacles this year; An annoying legal battle, especially with the administration of President Donald Trump over how AI tools like Claude can be used in war.

In February, Trump ordered all U.S. agencies to stop using Claude, and Defense Secretary Pete Hegseth declared the company's supply chain risk following an unusually public conflict between the Pentagon and CEO Dario Amodei. Anthropics has filed a lawsuit in two federal courts over an ongoing dispute.

At the same time, Anthropic is in talks with the White House about the cybersecurity capabilities and risks of its most powerful model, Mythos’, which has not yet been made available to the public.

Anthropic also had an influential role in Vatican’ ahead of Pope Leo XIV’'s call on Monday for a sound regulation of artificial intelligence and for its developers to work for the common good rather than profit.

The comprehensive manifesto ’Magnifica Humanitas“, Leo”'s first encyclopedia, has repeatedly stated that the collection of power and data in the hands of very few people in the private sector is a danger.

The world's most valuable artificial intelligence initiative: Anthropic moves closer to $1 trillion ahead of OpenAI’

Artificial intelligence company Anthropic said on Thursday it raised $65 billion (€55.8 billion) in private finance and raised its valuation to $965 billion (829 billion euros). This has made Claude chatbot’'s five-year-old maker, Wall Street’, possibly one of the world's most valuable start-up’s moving towards launch.

The announcement puts Anthropic’i ahead of its chief competitor, ChatGPT producer OpenAI’, in terms of both market capitalization and reported revenue. Anthropic said it now generates an annual revenue of $47 billion (€40.4 billion) by selling its technology to people and organizations that use Claude to code and perform other business and personal tasks on their behalf.

Anthropic was founded in 2021 by former OpenAI executives, and now both AI firms, Elon Musk’'s rocket and AI company SpaceX’, are also expected to become public. All three are still losing more money than they earn, which raises AI bubble concerns.

San Francisco-based Anthropic said the new funding round was led by investment firms Altimeter Capital, Dragoneer Investment Group, Greenoaks Capital and Sequoia Capital.

Krishna Rao, chief financial officer of Anthropic, said in a statement that “This fund will help us meet the historic demand we live in, stay on the research frontier, and bring Claude’ to more places where work takes place.

Anthropic also released its latest AI model on Thursday, called Claude Opus 4.8, which it says is better than previous models in coding and other professional work.

The rapid growth of Anthropic’ and the growing popularity of Claude’ caused OpenAI’ to catch up, despite its initial leadership in making ChatGPT’ a known name that ignited a commercial AI explosion.

OpenAI last reported in March that it was moving towards a valuation of $852 billion (€732 billion) after a $122 billion (€104.8 billion) fundraising round. The value of SpaceX’ was $800 billion (€680 billion) last year, but its value rose to $1.25 trillion (€1.06 trillion) after the space research company merged with Musk’'s xAI’si in February.

Musk recently announced plans for one of the largest stock sales ever, and will be able to make the offer available to investors next week.

OpenAI also removed a major hurdle to its initial IPO goals after a federal court last week dismissed Musk’, OpenAI co-founder and first donor, after weeks of jury hearings over whether the company betrayed its original nonprofit mission. Musk said he plans to appeal.

Despite its newly discovered success, Anthropic has also faced obstacles this year; Especially President Donald Trump, an annoying legal battle between ’'s administration and how artificial intelligence tools like Claude can be used in war.

In February, Trump ordered all U.S. agencies to stop using Claude, and Defense Secretary Pete Hegseth declared the company's supply chain risk following an unusually public conflict between the Pentagon and CEO Dario Amodei. Anthropics has filed a lawsuit in two federal courts over an ongoing dispute.

At the same time, Anthropic is in talks with the White House about the cybersecurity capabilities and risks of its most powerful model, Mythos’, which is not yet available to the public.

Anthropic also had an influential role in Vatican’ ahead of Pope Leo XIV’'s call on Monday for a sound regulation of artificial intelligence and for its developers to work for the common good rather than profit.

The comprehensive manifesto ’Magnifica Humanitas“, Leo”'s first encyclopedia, has repeatedly stated that the concentration of power and data in the hands of a very small number of people in the private sector is a danger.

5 things you need to know about OpenAI’'s potentially record-breaking IPO plans

According to the Wall Street Journal’, OpenAI is approaching one of the most anticipated stock market launches in history, with plans to apply for an IPO in a few days.

Sam Altman, chief executive officer, aims to go public in September 2026, pointing to a major change for the company that started as a non-profit research laboratory in 2015.

1. It may be the largest public offering ever

OpenAI’ reportedly aims to raise $60 billion (€55.4 billion) at the time of its launch. According to Deutsche Bank Research’, this will more than double the $25.6 billion (€23.6 billion) list that Saudi Aramco’ listed in 2019’, making it the largest public offering recorded at the time.

There's a warning. SpaceX, which presented its IPO statement this week, is targeting an increase of up to $75 billion (€69.1 billion). It is looking for a valuation between $1.75 trillion (1.61 trillion euros) and $2 trillion (1.84 trillion euros). This puts the two companies in direct competition for the largest listing in history.

The Wall Street Journal reported this week that OpenAI’ has agreed with Goldman Sachs and Morgan Stanley to draft a prospectus that could be submitted confidentially to regulatory agencies in a matter of days.

FILE – OpenAI logo, December 8, 2023’te Boston’da ChatGPT’'s Dall-E text-to-picture model is displayed on a mobile phone on a computer monitor.

2. A valuation of $1 trillion will make it the 14th largest ’ company in the world

Reports suggest that OpenAI’ could be worth more than $1 trillion (€922 billion) at the time of listing. Deutsche Bank Research analyst Adrian Cox explained the figures on what this means.

ChatGPT producer Berkshire Hathaway will be placed just behind the ’. The holding generated revenues of over $370 billion (341 billion euros) and net earnings of $67 billion (61.8 billion euros) last year. OpenAI will be right ahead of Eli Lilly’, whose sales exceed $65 billion (59.9 billion euros) and earn a profit of $21 billion (19.4 billion euros).

Nvidia is still far ahead. The company has the largest market capitalization in the world and is where public markets are closest to a large investment in artificial intelligence. Deutsche Bank Research states that ChatGPT’ is worth $5.4 trillion (4.98 trillion euros) after its shares have more than tripled since its launch on November 30, 2022.

3. Investors are pursuing pure gaming AI

Currently, retail investors who want to be exposed to artificial intelligence have limited options. They can invest in semiconductor companies, cloud providers or large technology companies.

According to Deutsche Bank Research’, the listing of OpenAI’ will trigger “ to struggle to make the most of investors' appetite for direct exposure to pure artificial intelligence companies in the public markets; This is something that does not exist today.

4. AI IPO race heats up

OpenAI is not alone. Claude’'s producer Anthropic is growing rapidly.

Last month, OpenAI’ surpassed OpenAI’ in sales by 25 billion. $30 billion in annual recurring revenue versus ’ (€23.1 billion) $’a (€27.7 billion) reached.

According to Deutsche Bank Research’'s estimates from The Information’, Anthropic’'s annual recurring revenue is expected to reach around $40 billion (€36.9 billion) this month.

The company may be considering raising more than $60 billion (€55.4 billion) from its IPO this year. Anthropic is also in talks with investors on financing worth $900 billion (830 billion euros). This will put the firm ahead of OpenAI’'s current private market valuation of $852 billion (€786 billion).

Deutsche Bank Research states, based on data from the University of Florida, that a $60 billion increase would be greater than the total in IPOs in the U.S. ’, except for four years since 1980’.

The U.S. stock market is currently around $70 trillion (64.6 trillion euros). This is roughly five times larger in nominal terms compared to the peak of the dot-com bubble.

5. There are still big questions about the business model.

Despite its scale and ambition, OpenAI has never made a profit.

According to Deutsche Bank Research’, the company is expected to generate annual revenues of around $30 billion (27.7 billion euros) this month.

But internal estimates reported by The Information show that it is on track to lose $14 billion (€12.9 billion) in 2026’ alone. Cumulative losses could reach $44 billion (€40.6 billion) ahead of profitability in 2029’.

As Deutsche Bank Research’ notes, when they opened up their “ financial charts and explained the still under-understood economy of their business model, it was yet to be seen how public markets would value OpenAI’ye and its peers.”

OpenAI has taken steps to prepare. It modernized its products, focused on enterprise customers, and clarified its partnership with Microsoft.

October 2025’te completes its transition from a nonprofit to a public interest organization. But questions remain about how to value AI model companies.

In recent months, OpenAI has been carefully laying the foundations by streamlining its products, focusing on enterprise customers, and clarifying its partnership with Microsoft.

October 2025’te completes its transition from a nonprofit to a public interest organization. But questions remain about how to value AI model companies.

Tesla: Why is ‘ the biggest loser of the Great Seven ’ group this year?

Telsa’'s stock fell 17 percent this year, dropping 33 percent from its all-time high in December last year, making it the most loser among U.S. tech giants or so-called Magnificent Seven stocks.

The decline in share price is attributed to several factors, including the large-scale decline in U.S. tech stocks, Elon Musk’'s leadership in the acquisition of OpenAI’, and recently BYD’'s announcement to partner with DeepSeek. Meanwhile, optimism about Trump’'s support for Tesla’'s self-driving goals has also waned.

The biggest threat – BYD’'s growing markets

On Monday, China’'s largest electric car brand, BYD, announced that it will partner with DeepSeek to develop its autonomous technology. This news disturbed Tesla’'s shareholders as well as those of other Chinese automakers such as Xpeng and Nio, causing a sharp wave of sales in stocks.

Tesla’ shares on Tuesday, despite a slight recovery the following day %6Losed more than ’. By contrast, BYD’'s shares reached a new peak that day.

Tesla’'s primary concern is its competitiveness against BYD’ in the fully autonomous driving (FSD) market. DeepSeek’in artificial intelligence (AI) model is seen as a very important development in the US-China technology race.

The Chinese startup's R1 model has been shown to be as good as, or even slightly better than, models developed by leading US tech firms, especially OpenAI’nin ChatGPT’si. DeepSeek, however, spent only $600 million to develop its AI model, compared to billions of dollars invested in hyperscalers in the U.S. ’.

Autonomous vehicles, especially Robotaxis, are at the heart of Tesla’'s commercial growth strategy. Currently, Tesla’'s FSD vehicles require human surveillance while driving, and the company is awaiting approval for public road use in China’.

BYD’'s adoption of the R1 AI model, known as the DeepSeek’in DiPilot system, has the potential to rival Tesla’'s FSD technology at a lower cost. In the fourth quarter of 2024’, Tesla missed market expectations in both deliveries and earnings, making it even more important to accelerate the autonomous driving project.

Elon MuskConcerns about ’ moving away from actual business

Also on Monday, reports emerged that Tesla CEO Elon Musk ’ led a group of investors to buy OpenAI’ for $97.4 billion (€93.68 billion). OpenAI, the developer of ChatGPT’, currently has the most advanced Large Language Model (LLM) for generative AI technology. However, despite CEO Sam Altman’'s efforts to make the company public, the organization remains a non-profit organization.

Musk also owns SpaceX, xAI, and the social media platform X’in (formerly Twitter), which he bought more than two years ago. He also serves as ’ in the White House“, a private government employee, and former President Donald Trump is helping ” launch a cost-cutting initiative.

These developments have raised concerns that the world's richest man may be distracted by his many initiatives.

Trump trade is weakening

Tesla became one of the biggest beneficiaries of Trump Trade’ following the election, with its shares almost doubling to the top on December 18, ’. But the stock has since erased most of this year's gains. The decline also resulted from a wider pullback in U.S. tech stocks; probably driven by profit buying and the DeepSeek announcement.

While the U.S. tech sector has been the biggest loser of the S&P 500’, Chinese tech companies have seen their shares skyrocket since the introduction of a cheap AI model by a Chinese startup.