Markets JUN 15, 2026

OpenAI files confidential S-1, joining Anthropic and SpaceX in a $3.6T IPO cluster

OpenAI's June 8 submission lands a week after Anthropic's $965B filing and days before SpaceX trades — three of the largest listings on record converging on Wall Street.

BY HENLEY MARRAST · MARKETS DESK

OpenAI submitted a confidential draft S-1 to the SEC on June 8, disclosed via a Rule 135 notice, exactly one week after Anthropic filed its own paperwork and days before SpaceX is scheduled to begin trading on Nasdaq. Three of the largest private companies ever assembled are queuing into the same window, a roughly $3.6 trillion cluster of mega-cap listings without obvious precedent on Wall Street.

The pricing dynamics tell their own story. CNBC reports OpenAI was last valued at $852 billion post-money in March; Bloomberg pegs the listing target near $1 trillion. Anthropic, per Fortune, raised $65 billion at a $965 billion valuation, eclipsing OpenAI’s private mark for the first time, and is in talks on an employee tender at $900 billion. CNBC has OpenAI prepping a Q4 offering with Goldman Sachs and Morgan Stanley, even as the company “continues to burn through cash at a historic pace” against more than $180 billion in capital raised to date.

Then there’s the accounting fight. In an April memo reviewed by Reuters and reported by BNN Bloomberg, OpenAI CRO Denise Dresser told staff that Anthropic’s numbers are inflated because Anthropic books gross revenue while routing payments to Amazon and Google. Anthropic, which expects $10.9 billion in Q2 revenue (more than double the prior quarter) and an annualized run rate above $50 billion by month’s end, told Reuters it recognizes gross revenue as the “principal” in the transaction, with cloud partners acting as distribution channels. The Pentagon has separately declared Anthropic a supply-chain risk, a designation Fortune notes Anthropic warns could jeopardize billions.

OpenAI’s own filing notice nodded to “things we want to do that are likely easier as a private company,” a hedge that sits oddly against CFO Sarah Friar’s pitch: “Everybody wants to own part of a rocket company — I hope everyone wants to own part of ChatGPT.”

The last comparable convergence of narrative-defining listings was the dot-com window of 1999–2000. Public investors absorbed the optimism then, and the bill afterward.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.