Federal jury rejects Musk's $150 billion lawsuit against OpenAI; company prepares for fall 2026 IPO at potential $1 trillion valuation

A federal jury in Oakland, California unanimously rejected Elon Musk's $150 billion lawsuit against OpenAI, Sam Altman, and Greg Brockman on May 18, 2026, after less than two hours of deliberation, finding that Musk's claims were barred by statutes of limitations because he filed suit in 2024 despite being aware of OpenAI's transition to a for-profit structure as early as 2021.

Two days after the ruling, OpenAI confirmed it is preparing to confidentially file an IPO prospectus with the SEC targeting a fall 2026 public debut, working with Goldman Sachs and Morgan Stanley; the company is currently valued at $852 billion by private investors and could reach a $1 trillion valuation at IPO, with $30 billion in annualized revenue as of April 2026.

At Google I/O 2026, Google unveiled Gemini 3.5 Flash (a lightweight frontier model costing half to one-third the price of comparable models), Gemini Spark (a 24/7 cloud-based personal AI agent that integrates with Gmail and Workspace), and Gemini Omni (a model family that takes images, video, audio, and text as input and generates video output), alongside updates to Antigravity 2.0 with a new $100 AI Ultra plan.