OpenAI is preparing to confidentially file a draft of its initial public offering (IPO) prospectus as soon as Friday, May 22. This marks one of the largest public market debuts in history.
The company behind ChatGPT, which is now valued at over $850 billion by private investors, is working with Goldman Sachs and Morgan Stanley to file this registration, which might happen over the next few days or weeks, CNBC reported on Wednesday, May 20.
An OpenAI representative said in a statement: “As part of normal governance, we regularly evaluate a range of strategic options. Our focus remains on execution.”
The AI firm has already been planning to hit the markets by this year’s end, possibly even making a splash in September, Reuters reported.
This move comes less than two days after OpenAI successfully defended itself against a lawsuit initiated by Elon Musk, claiming that the company violated its nonprofit status.
This came after an advisory jury concluded that Musk filed the suit late. OpenAI’s planned IPO could be upstaged by another rival firm, SpaceX, owned by Elon Musk, planning to file its own prospectus confidentially as early as Wednesday.
SpaceX is currently valued at $1.25 trillion, and it is working with Goldman Sachs as the lead left bank.
