OpenAI has officially begun preparations for a public listing: the company filed a confidential Form S-1 application with the U.S. Securities and Exchange Commission (SEC). The official statement notes that no specific timeline has been set – the company may remain private for some time, as certain objectives are easier to achieve outside public markets. However, submitting the paperwork keeps the option open to accelerate the process should market conditions improve.

The confidential filing allows regulatory review before public disclosure of financials – a prudent move for a company already facing criticism over its lack of a transparent path to profitability. According to sources, OpenAI's current valuation stands at $852 billion, with leadership targeting a market capitalization of up to $1 trillion upon listing.

Founded in 2015 as a nonprofit lab, OpenAI completed recapitalization in late 2025, transforming into a public-benefit corporation. It ignited the global AI hype cycle with ChatGPT's 2022 launch, but in recent months, leadership has been challenged by competitors: Anthropic with Claude and Google with new releases. In December, OpenAI internally declared a "red code" due to unfavorable comparisons.

The core challenge remains profitability. The company is undertaking significant cost-cutting and revenue-maximization efforts: introducing ads in ChatGPT, shutting down the Sora video generator. However, according to the Wall Street Journal, ChatGPT's growth slowed by late 2025, and the chatbot missed internal targets for revenue and active users. CFO Sarah Friar is reportedly concerned about growth rates and uncertain whether OpenAI can fulfill its numerous compute contracts.

Per The Information, Friar and CEO Sam Altman disagree on IPO timing: the CFO believes the company is not sufficiently prepared for a public debut this year.

OpenAI becomes the third major AI player expected to list in 2026, following SpaceX (set to begin trading on Nasdaq Friday) and Anthropic (which filed confidentially last week). Success in these offerings could positively impact broader markets, but failure might trigger systemic repercussions.

Any financial information OpenAI ultimately discloses will provide a rare and valuable insight: whether the AI industry has tangible results to back the surrounding hype.