Markets JUN 15, 2026

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

ChatGPT maker submitted draft paperwork Monday with Goldman Sachs and Morgan Stanley as leads; last private mark was $852B, against Anthropic's $965B and SpaceX's $1.8T.

BY HENLEY MARRAST · MARKETS DESK

OpenAI submitted a draft Form S-1 to the SEC on June 8, with Goldman Sachs and Morgan Stanley leading the underwriting, a filing that places the ChatGPT maker, Anthropic, and SpaceX inside a single AI-adjacent IPO pipeline that Bloomberg pegs at a combined $3.6 trillion in private valuation. Anthropic filed confidentially a week earlier, on June 1, off a $965 billion mark set in its Series H round of $65 billion. SpaceX, valued at $1.8 trillion, is days from beginning to trade.

OpenAI’s last private valuation sits at $852 billion, anchored by the $122 billion round that closed in March. The Wall Street Journal has reported a potential fall listing, with a concurrent tender offer for employees in the works.

The company is being uncharacteristically careful about expectations. “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company,” OpenAI said in its Rule 135 statement, while noting the filing “gives us the option to go public sooner if that ends up being best.” CFO Sarah Friar, in an April interview with the AP, framed the posture as “acting with the good hygiene of a public company,” and observed that at its current mark OpenAI would slot in around 15th by size in the S&P 500.

The numbers underneath the optionality are harder to manage. ChatGPT now supports more than 900 million weekly active users. Inc., reviewing internal documents, reports 2025 annual recurring revenue above $20 billion, roughly tripling year-over-year since 2023, against a projected 2026 loss of $14 billion and no profitability until 2029. The Journal, cited by CNBC, calls the pace of cash consumption unprecedented among publicly traded companies, with semiconductor and data-center spend mapped through 2030.

The competitive picture inside that pipeline is less flattering than the headline valuation suggests. CNBC reports OpenAI has missed some internal revenue targets recently while Anthropic’s Claude has pulled ahead among business customers. Bankers told both companies the same thing: whoever prices first sets the comparable.

That’s the real content of the filing. Not the timing, which is undecided, but the queue position, which is now fixed.

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.