OpenAI could go public as early as September? Altman: Timing of IPO remains uncertain

OpenAI is accelerating its IPO process, but CEO Sam Altman has made it clear that there is still a gap between filing the prospectus and formally going public, with the final timing depending on whether market conditions are mature.

On May 21, according to technology media The Information and others, OpenAI may file its IPO draft prospectus as early as this Friday. If things go smoothly, it could complete the listing as soon as September this year, ahead of the previous market expectations of the fourth quarter or even later.

However, Altman told employees in an all-hands meeting on Wednesday that filing an IPO application and being truly ready to go public are two different matters; the company will not rush into the public market before conditions are ripe. The report cited sources familiar with the matter as saying that some of OpenAI’s major investors were surprised by how quickly the company moved to file the documents.

According to an article in Wallstreet Insights, OpenAI is aiming for a valuation of over $1 trillion, and this IPO could become the largest public offering in the history of the AI industry. The company has partnered with Goldman Sachs, Morgan Stanley, and the law firm Cooley.

Racing Ahead of Anthropic to Seize the Public Market Opportunity

One of the core reasons driving OpenAI to accelerate its listing is the race for the time window with competitor Anthropic. Anthropic is also preparing to go public as early as October this year, while Altman has privately expressed his desire for OpenAI to reach the public market first.

According to Wallstreet Insights, OpenAI's filing at this time is partly intended to send a clear signal to public market investors, encouraging them to reserve funds rather than pouring all their "firepower" into the upcoming IPO of Elon Musk's SpaceX.

SpaceX is expected to go public next month, aiming to raise about $75 billion at a $1.75 trillion valuation, which could make it the largest IPO in history. Sources said there is “a lot of competition” between the two companies, with OpenAI hoping to secure market capital as early as possible.

According to The Information, Altman also mentioned at the all-hands meeting that the upcoming major listing of SpaceX and the global economic outlook will be key external variables impacting the timing of IPOs for both OpenAI and Anthropic.

Accelerated Computing Power Expansion, Altman Optimistic About the Coming Months

According to reports from the all-hands meeting, Altman informed employees of the company’s latest progress in building computing power. According to sources, OpenAI has recently brought more than 2 gigawatts of computing capacity online, exceeding the total capacity of SpaceX’s Colossus cluster.

Altman also stated, he believes Anthropic is currently constrained by its own computing power limitations, while OpenAI is actively preparing for strong performance in the coming months. By comparison, Anthropic has recently signed multiple computing power procurement deals, including a contract to pay SpaceX $1.25 billion per month to lease capacity at its Colossus data center.

Funds raised through the IPO will be directly used to support the skyrocketing computing costs faced by both companies. According to Wallstreet Insights, OpenAI has already raised nearly $200 billion in total funding—an unprecedented scale—and the company is seeking to further supplement capital through public markets to maintain its competitive edge in AI.

Besides Altman, Wallstreet Insights mentioned that OpenAI’s CFO Sarah Friar holds a more cautious stance regarding the IPO pace.

Analysis points out that Altman's remarks at the all-hands meeting also confirm the company’s internal distinction between “filing documents” and “formal listing.” Ultimately, the window will open only with the dual verification of market conditions and the company’s own preparedness.