OpenAI is preparing to confidentially file IPO paperwork with U.S. regulators as soon as Friday, the Wall Street Journal reported Wednesday. Goldman Sachs and Morgan Stanley are advising on the draft prospectus, according to Bloomberg sources.
The timing isn't subtle. The push comes two days after a federal jury threw out Elon Musk's lawsuit against OpenAI on statute-of-limitations grounds, removing a major obstacle to a public offering. Sam Altman wants the company ready to go public by September, TechCrunch reports. CFO Sarah Friar has reportedly said the company may need more time.
OpenAI was last valued at $852 billion by private investors. That would put the listing among the largest tech debuts ever, though private valuations rarely survive contact with public markets unchanged. Anthropic, OpenAI's main rival, recently raised at $950 billion, briefly making the smaller competitor worth more on paper than OpenAI itself.
The move threatens to step on SpaceX, which was expected to file its own prospectus the same afternoon, Reuters reported. Both companies use Goldman as lead banker.
Confidential filings let companies negotiate with the SEC privately for months before financials become public. OpenAI declined to comment.
Bottom Line
OpenAI could file its draft prospectus as soon as Friday, May 22, with Altman targeting a September public debut.
Quick Facts
- Possible filing date: as soon as Friday, May 22, 2026
- Last private valuation: $852 billion (company-disclosed)
- Banks advising: Goldman Sachs and Morgan Stanley
- Target debut window: September 2026
- Musk lawsuit dismissed by federal jury on May 18, 2026
