OpenAI Set to File for IPO Within Days, Targeting September Listing: WSJ

In brief

• OpenAI is aiming for a September IPO with Goldman Sachs and Morgan Stanley as underwriters, the Wall Street Journal reported.
• Elon Musk's lawsuit challenging the AI company's structure and finances failed Monday.
• Secondary market share prices value the firm above $900 billion.

OpenAI CEO Sam Altman is reportedly aiming for a September initial public offering, accelerating plans after Elon Musk's failed lawsuit removed a key obstacle to the AI company's public market debut.

According to the Wall Street Journal, citing sources familiar with the plans, the AI company has engaged Goldman Sachs and Morgan Stanley to prepare IPO paperwork that could be filed confidentially with regulators within days or weeks—potentially as soon as this Friday. OpenAI has raised approximately $180 billion in funding, most recently at an $852 billion valuation.

Decrypt reached out to OpenAI for comment on the report, but did not immediately receive a response.

Private market shares trade at $735 on Forge Markets, rising more than 46% in the last three months and 120% in the last year, reflecting strong investor appetite. The selection of two blue-chip underwriters signals intent for a high-profile technology debut matching the company's $906 billion private valuation per the secondary marketplace.

Crypto markets have already seen turbulence from unauthorized AI stock tokenization attempts. OpenAI and Anthropic PreStocks token prices fell sharply earlier this month after both firms issued warnings about unauthorized stock transfers, suggesting such shares could be worthless.

“All OpenAI equity is subject to transfer restrictions,” the firm said. “This means that OpenAI equity cannot be directly or indirectly transferred unless the seller first obtains OpenAI’s written consent. Any attempted transfer—which includes any pledge, encumbrance or other similar disposition—that does not follow this requirement is void.”

On Monday, jurors decided against Elon Musk in his $150 billion lawsuit against OpenAI and executives, declaring that the Tesla and SpaceX AI had been late in filing the legal challenge. Musk co-founded OpenAI in 2015, but departed in 2018 amid disputes over its original nonprofit structure.