OpenAI, the company behind ChatGPT, has taken a major step towards becoming a publicly traded company after confidentially filing for an initial public offering (IPO) in the United States, positioning itself at the centre of what could be one of the most significant technology listings in recent years.

The artificial intelligence pioneer confirmed the filing on Monday but did not disclose the size, valuation or timeline for the proposed offering. The company said a public debut may still be some time away as it continues to evaluate strategic priorities that may be easier to pursue as a privately held firm.

The move comes amid surging investor interest in artificial intelligence companies, with OpenAI and its rivals increasingly viewed as key drivers of the next phase of technological innovation and economic growth.

OpenAI Moves Closer To Wall Street

OpenAI’s confidential filing marks the beginning of a process that could culminate in one of the largest technology IPOs in history.

According to previous Reuters reporting, the company is targeting a valuation of up to USD 1 trillion, a figure that would place it among the world’s most valuable corporations. If achieved, the listing would represent a landmark moment for the AI industry and test investor appetite for high-growth technology companies.

The company has experienced extraordinary growth since the launch of ChatGPT, which helped bring generative artificial intelligence into the mainstream. Earlier this year, OpenAI disclosed that ChatGPT had surpassed 900 million weekly active users and attracted more than 50 million paying consumer subscribers.

OpenAI also revealed plans to raise USD 110 billion at a valuation of USD 840 billion from major investors including SoftBank, Amazon and Nvidia, underscoring the confidence global investors have placed in the company’s future prospects.

Rapid Growth Powers Investor Interest

The company’s financial performance has further strengthened expectations surrounding a potential stock market debut.

In March, OpenAI said it was generating approximately USD 2 billion in monthly revenue, a dramatic increase from roughly USD 1 billion in quarterly revenue at the end of 2024. The company has claimed that its growth rate exceeds that of technology giants that defined previous eras of the internet and mobile computing, including Google parent Alphabet and Meta.

OpenAI’s rise has also been closely linked to its partnership with Microsoft. Since 2019, Microsoft has invested around USD 13 billion in the company, helping finance the development of increasingly sophisticated AI models while boosting demand for Microsoft’s Azure cloud infrastructure.

More recently, OpenAI renegotiated aspects of its relationship with Microsoft, enabling it to expand partnerships with other technology leaders, including Amazon and Google’s parent company Alphabet.

The broader AI industry is also witnessing a rush towards public markets. OpenAI’s filing follows similar ambitions from rival AI company Anthropic, while Elon Musk’s SpaceX is also pursuing a major public offering.

Corporate Restructuring And Legal Challenges

OpenAI’s journey towards an IPO has not been without controversy.

Founded in 2015 as a nonprofit research organisation, the company created a for-profit arm in 2019 to secure the massive funding required for advanced AI development. Its unique governance structure, which gave the nonprofit control over the commercial entity, drew intense scrutiny following the brief removal of Chief Executive Officer Sam Altman in late 2023 before his rapid reinstatement.

In December 2024, OpenAI announced plans to restructure by creating a public benefit corporation, arguing that the move would help attract larger amounts of capital while preserving its broader mission.

The restructuring effort faced opposition from Elon Musk, one of OpenAI’s early supporters, who accused the company of abandoning its original mission and filed legal challenges against its leadership.

However, a significant obstacle was removed in May when a US jury ruled in OpenAI’s favour, finding the company not liable in Musk’s lawsuit. The verdict eased concerns over a major legal uncertainty that could have complicated plans for a public listing.

With regulatory processes now underway and investor enthusiasm for artificial intelligence remaining strong, OpenAI’s planned market debut is expected to be closely watched by technology companies, investors and policymakers worldwide. If successful, the IPO could become a defining moment in the commercial evolution of the global AI industry.

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