OpenAI Initial Public Offering (IPO) Imminent… Wall Street Says "Filing Within Days", Heralding an 'Unprecedented Listing Battle' with Anthropic and SpaceX

According to recent reports from major foreign media, OpenAI, the developer of ChatGPT, has initiated a full-scale Initial Public Offering (IPO) process, emerging as the biggest talking point on Wall Street. Coupled with news of major listings from SpaceX and its biggest competitor, Anthropic, the global stock market is expected to heat up with the successive entries of leading companies in the artificial intelligence and space industries.

Advisory from Goldman Sachs and Morgan Stanley, Targeting a Listing as Early as September

According to The Wall Street Journal (WSJ), OpenAI has selected Goldman Sachs and Morgan Stanley as advisors and is currently working on IPO documents. Sources predicted that OpenAI could submit a confidential registration statement (S-1) to the U.S. Securities and Exchange Commission (SEC) within days, and could offer its shares to the public as early as September of this year.

Major legal hurdles for the listing have also been resolved, as the lawsuit regarding the "illegality of converting to a for-profit company" recently filed by Elon Musk was dismissed by a federal court, and the transition to a fully for-profit company in the form of a Public Benefit Corporation has been completed with the approval of Delaware authorities. Through this restructuring, its largest backer, Microsoft, has secured an approximately 27% stake in OpenAI's for-profit entity.

Corporate Value of $852 Billion and Explosive Revenue Growth, But Astronomical Accumulated Deficits Behind the Scenes

OpenAI's corporate valuation, currently evaluated in the unlisted market, reaches $852 billion (approximately 1,100 trillion KRW). Its performance growth is also steep. As of February 2026, OpenAI's Annual Recurring Revenue (ARR) exceeded $25 billion, and it has secured over 800 million weekly active users (WAU) and more than 1 million corporate customers.

However, the biggest risk obstructing a successful IPO is the strict disclosure of financial transparency that comes with the submission of the registration statement (S-1). Despite massive revenue growth, a red light has turned on for securing profitability due to the astronomical computing power costs required for running AI models and research and development. Although OpenAI generated $13.1 billion in revenue in 2025 alone, it recorded a net loss of about $9 billion, and shocking forecasts have been raised that its accumulated deficit could reach up to $143 billion to $200 billion before achieving profitability.

OpenAI is in a paradoxical situation where as revenue increases, losses also grow together due to computing costs and electricity bills. To overcome this, the company is even testing the introduction of advertisements for ChatGPT users in the U.S., squarely taking aim at Google's advertising revenue model. Because of this financial pressure, there are internal disagreements regarding the timing of the listing. CEO Sam Altman is pushing for a listing in the fourth quarter of this year, but Chief Financial Officer (CFO) Sarah Friar has expressed her position that the listing should be delayed until 2027 to meet thorough listing requirements.

Fierce Pursuit by Top Rival Anthropic and SpaceX Awaiting Listing

Behind OpenAI's rush to list is its biggest competitor, Anthropic's fierce pursuit. Anthropic is preparing to raise $60 billion in funds, being valued at $800 billion, with the goal of going public as early as October 2026. In particular, Anthropic's Annual Recurring Revenue exceeded $30 billion as of April 2026, surpassing OpenAI in revenue scale, and is emerging as an attractive alternative for investors by forecasting a turnaround to surplus in 2028.

Meanwhile, Elon Musk's space company SpaceX is also predicted to release its listing documents this month with a corporate valuation of $1.75 trillion and potentially debut on the stock market in June. The successive IPOs of giant technology companies representing artificial intelligence and space are expected to be the biggest focal points of the stock market in 2026.