OpenAI confidentially files its IPO paperwork as it inches closer to stock market debut
ChatGPT maker OpenAI Group PBC today filed for an initial public offering ahead of what is sure to be one of the most anticipated stock market debuts in recent history, and a huge payday for early investors.
The artificial intelligence company, which is currently valued at around $852 billion, has been gearing up for a listing for some time. With its confidential filing, it’s submitting details of its finances to regulators for review before they’ll be made available publicly for prospective investors to consider. OpenAI has not settled on any timeline for its debut yet, and because its paperwork remains confidential, it’s not clear how many shares it’s planning to make available or what price it’s targeting.
In a blog post, the company said the listing may still be a few months out “because there are things we want to do that are likely easier as a private company.” However, by filing now, the company explained that it has the “option to go public sooner if that ends up being best.”
The upcoming IPO means that OpenAI’s secretive financials will finally come into public view. There has been a lot of concern raised about the company’s ability to turn its global popularity into a profit, as it continues to pour tens of billions of dollars into AI infrastructure. Last week, investors dumped on technology stocks amid concerns that the market was becoming too overheated. OpenAI will also facilitate a tender offer for employees to be able to sell shares in the company at its current valuation. In doing this, the company will also alleviate some near-term pressure for liquidity, an anonymous source told CNN.