One of the most eagerly awaited public offerings in recent memory has taken a significant step toward realization.
OpenAI recently advanced its position in the highly competitive race to go public, a contest it shares with rival Anthropic that has intensified over the past year. The company confirmed on Monday that it has confidentially submitted a Form S-1 with the US Securities and Exchange Commission. This move mirrors Anthropic's earlier decision, which filed its own confidential S-1 on June 1st.
The nature of a confidential filing means that several crucial details typically disclosed in such documents — including executive compensation figures, comprehensive financial data, and potential business risks — remain private for now.
In the current landscape of private valuations, Anthropic, following its most recent fundraising round, holds the distinction of being the world’s most valuable startup. Its post-money valuation stands at an impressive $965 billion, surpassing OpenAI’s latest valuation of $852 billion.
While OpenAI has been actively preparing for its public market debut for several months, reports suggest internal divisions regarding the pace of the IPO. Notably, CFO Sarah Friar is said to be less enthusiastic about a fast-tracked offering than CEO Sam Altman. These reservations stem from concerns over missed revenue targets and user growth figures, alongside anxieties about the company's ability to finance its substantial compute spending commitments. Initially, OpenAI had projected an expenditure of $1.4 trillion on compute infrastructure, a figure Altman reportedly defended when questioned publicly. However, in February, the company revised this projection, informing investors of plans to spend $600 billion on compute by 2030.
This development also unfolds weeks after the conclusion of the high-profile Musk v. Altman trial and precedes the anticipated June 12 IPO of Elon Musk’s SpaceX. SpaceX’s public debut is projected to raise $80 billion, potentially making it the largest IPO in history. OpenAI’s own market entry will inevitably draw close comparisons to SpaceX, particularly given SpaceX’s acquisition of OpenAI competitor xAI and its significant deal with Anthropic, under which Anthropic commits $15 billion annually for the use of SpaceX data centers.
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