OpenAI Files for IPO to Test Appetite for Trillion-Dollar AI Giants

While the company has yet to finalize a timeline or disclose specific offering terms, reports suggest OpenAI is targeting a valuation of up to $1 trillion. This debut would follow a string of massive funding rounds, including a recent effort to raise $110 billion from heavyweights like SoftBank, Amazon, and Nvidia. The filing comes as OpenAI reports $2 billion in monthly revenue, a growth trajectory the company claims outpaces the early expansion of both the internet and mobile computing eras.

The path to a public listing follows a significant corporate restructuring. After operating as a research-focused nonprofit since 2015, OpenAI shifted toward a public benefit corporation model to unlock greater capital access. This transition faced intense scrutiny and legal challenges from early backer Elon Musk, who accused leadership of abandoning the organization's original mission. A U.S. jury ruled against Musk in May, clearing a major legal hurdle that had previously cast uncertainty over the company’s market prospects.

Competition is intensifying as Anthropic—the firm behind the Claude AI—also prepares for its own public debut. With Anthropic recently securing a $965 billion valuation, the two companies are set to test investor appetite for high-growth tech stocks on an unprecedented scale. While these listings are expected to inject momentum into the U.S. IPO market, financial analysts caution that the sheer size of such offerings could drain capital from smaller emerging firms.