OpenAI · 2026-06-08 · major
OpenAI Confidentially Submits Draft S-1 to the SEC — Self-Announces the Filing 'Because We Expect It to Leak,' Targets a Possible $1T Valuation With Goldman Sachs and Morgan Stanley as Bookrunners
OpenAI confirmed today it has confidentially filed a draft S-1 with the SEC, mirroring Anthropic's June 1 move. The company says the filing is preparatory and that timing remains undecided.
OpenAI publicly confirms a confidential S-1 draft to the SEC, joining Anthropic on the IPO ramp without committing to a calendar.
Key specs
| Valuation ceiling | $1T (Reuters report) |
|---|---|
| Lead bookrunners | 2 |
| Anthropic filing gap | 7 days |
What is it?
On June 8, 2026, OpenAI posted a short statement on its newsroom confirming that it has confidentially submitted a draft S-1 registration to the SEC. A confidential S-1 is reviewed privately by the agency before any public registration; companies typically file one when they want to start the SEC process while preserving the option to delay or abandon the IPO. CNBC, Fox Business, Reuters, and the Wall Street Journal all picked it up within hours.
How does it work?
OpenAI wrote that the filing 'gives us the option to go public sooner if that ends up being best' and added that 'there are things we want to do that are likely easier as a private company,' framing the submission as a preparatory step rather than an IPO commitment. Goldman Sachs and Morgan Stanley are reported as the lead bookrunners, the same pair queued for SpaceX's offering. Reuters reported a possible valuation range topping $1 trillion; OpenAI did not confirm a number. The company said it disclosed the filing itself 'because we expect it to leak.'
Why does it matter?
Anthropic confidentially filed an S-1 on June 1, so OpenAI's submission puts both leading frontier labs into the SEC review queue within a week of each other, alongside SpaceX. That sets up the first concrete public-market reference points for AI-lab balance sheets, compute commitments, and revenue. The S&P 500 also rejected a fast-track rule change for these companies last week, meaning any listing now flows through the standard seasoning queue rather than special accommodation.
Who is it for?
AI-industry watchers, equity investors, OpenAI employees and shareholders
Try it
Read OpenAI's announcement on its newsroom and watch for a public S-1 once the confidential review concludes.