The Wall Street Journal, citing informed sources, reported that OpenAI is collaborating with Goldman Sachs and Morgan Stanley to prepare IPO documentation, potentially submitting it confidentially to regulators as early as this week, with the goal of going public by September. The report suggests that after Elon Musk’s lawsuit against OpenAI faced setbacks this week, the AI company now faces reduced obstacles in advancing its public listing.
Documents will be submitted no later than this week.
Reports indicate that OpenAI may initiate its confidential filing process within the coming days or weeks, as early as this Friday. A confidential filing typically means the company first communicates with regulators before publicly disclosing additional documents closer to its listing stage.
According to insiders, the underwriters for this offering are Goldman Sachs and Morgan Stanley. OpenAI has been continuously raising funds in recent years, with total funding reaching approximately $180 billion, and its most recent valuation was around $852 billion.
- The underwriters include Goldman Sachs and Morgan Stanley.
- Target listing date: September 2026
- Filing method may be confidential submission
The Musk lawsuit has not halted the listing process.
On Monday, the jury rejected Musk’s lawsuit against OpenAI and its executives. The report noted that the case was deemed filed too late to constitute a direct obstacle to OpenAI’s corporate restructuring.
Musk co-founded OpenAI in 2015 and left in 2018. Since then, he has consistently criticized OpenAI for shifting from its original non-profit structure to a for-profit model. Despite this setback, Musk has stated on X that he will continue to appeal.
Unauthorized tokenized stocks have caused volatility.
As expectations rise for OpenAI’s potential IPO, related “AI stock tokens” have previously triggered volatility in the crypto market. At the beginning of the month, prices of PreStocks tokens linked to OpenAI and Anthropic plunged after both companies issued warnings that unauthorized share transfers may be invalid.
At the time, OpenAI stated that all company equity was subject to transfer restrictions, and any direct or indirect transfer without prior written consent could be deemed invalid. This statement prompted the market to reevaluate the compliance and enforceability of so-called "on-chain equity mapping" products for unlisted AI companies.
As of now, OpenAI has not made any public response to the aforementioned IPO reports.