OpenAI confidentially files for IPO, prepping Wall Street for mega AI debut

OpenAI's confidential filing with the Securities and Exchange Commission follows a similar move by Anthropic at the end of May, marking a near-simultaneous push by leading generative-AI companies into the public capital markets. Sources who spoke to CNBC said the confidential submission allows US regulators to begin their review without immediate public disclosure, with the final price range to be set in coming quarters. The company's ad hoc valuation on recent secondary share sales has cleared 500 billion dollars.

Microsoft retains its status as anchor investor, with cumulative commitments exceeding 13 billion dollars, although no detail has yet been published on the offering's structure or the distribution of voting rights. Wall Street analysts cited by CNBC argued that the recent SoftBank and broader Asia tech sell-off has dampened risk appetite somewhat, but a listing of OpenAI's scale could become a new sector benchmark. The analysts stressed that the comments are not investment advice.

Apple's WWDC announcement on Monday that its revamped Siri now runs on a model co-developed with Google and Nvidia chips sharpened the AI infrastructure race on a separate front. Whether the SEC accepts the filed financials and how strongly institutional investors signal demand in coming weeks will be decisive for the eventual pricing and timetable of the listing.