The artificial intelligence IPO frenzy is accelerating as reports increasingly suggest OpenAI could confidentially file for a public offering as soon as this week, potentially setting up one of the largest and most anticipated IPOs in market history.
According to multiple reports, OpenAI is preparing to work with Goldman Sachs and Morgan Stanley on a confidential filing that could pave the way for a public listing later this year. Reuters reported the company could move toward an IPO as early as September following recent legal victories and restructuring efforts that removed major obstacles tied to its corporate structure.
OpenAI was most recently valued at roughly $852 billion following its latest funding round, but some market estimates now suggest the company could eventually target a valuation approaching $1 trillion if investor demand remains strong. Deutsche Bank analysts have reportedly already started referring to the potential listing as “ChatIPO.”
The excitement is not happening in isolation.
The broader IPO market has recently reopened for large-scale technology and AI listings after years of weak issuance activity. SpaceX is also reportedly preparing for a public listing that could value the company near $1.75 trillion, while Anthropic is increasingly viewed as another major AI candidate expected to eventually test public markets.
Together, the three firms are beginning to reshape investor expectations around the next phase of the AI trade.
Until now, most public-market AI exposure flowed through semiconductor and infrastructure companies such as Nvidia, AMD, Broadcom, Microsoft, and hyperscale cloud providers. An OpenAI IPO would potentially give institutional investors direct exposure to the application layer of generative AI itself rather than simply the hardware powering it.
OpenAI’s growth has been explosive. Recent reports suggest ChatGPT surpassed 900 million weekly active users and 50 million paid subscribers globally, while The Information reported the company generated nearly $6 billion in revenue during the first quarter alone.
OpenAI remains deeply capital intensive, with billions being spent annually on compute infrastructure, model training, chips, and data-center expansion. Reports suggest the company may remain unprofitable for years as competition intensifies with Anthropic, Google, xAI, and a growing number of open-source challengers.
The AI trade is increasingly moving beyond semiconductors and infrastructure into direct monetization bets on large language models, AI agents, and enterprise automation itself. If OpenAI ultimately files this week, it may mark the beginning of a broader AI IPO cycle capable of reshaping technology markets for years.
