OpenAI files confidentially for IPO, weeks after rival Anthropic also filed to go public

OpenAI submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed IPO. The company was last valued at $852 billion post-money and did not disclose the number of shares or set a price.

OpenAI projects burning $85 billion in 2028 even after doubling sales from the prior year, and expects to spend roughly $122 billion on computing power for AI research alone that year — meaning the company is asking public market investors to buy into a business that, by its own projections, won't generate more cash than it spends for at least four more years.

Anthropic recently surged to a $1 trillion valuation on Forge Global, a retail secondary market platform, surpassing OpenAI which was recorded at around $880 billion in April. Anthropic's rate of appreciation is 123% year-to-date versus OpenAI's 11.3%.