OpenAI confidentially files for IPO with SEC, following Anthropic's June 1st filing

OpenAI announced it has confidentially submitted a Form S-1 with the US Securities and Exchange Commission on Monday. The confidential filing means certain details — including executive compensation, business risks, and financial specifics — are not yet public.

OpenAI had initially planned to spend $1.4 trillion on compute infrastructure, but adjusted that figure in February to $600 billion on compute by 2030. The company has faced reports that certain executives, including CFO Sarah Friar, raised concerns about missed revenue targets, user growth numbers, and the ability to pay for compute spending commitments.

Anthropic, OpenAI's rival, holds a post-money valuation of $965 billion from its most recent fundraise, surpassing OpenAI's latest post-money valuation of $852 billion. Anthropic filed its own Form S-1 on June 1st.