OpenAI, the company behind ChatGPT, confidentially filed its S-1 with the US Securities and Exchange Commission on May 22, 2026. The company is targeting a valuation above $1 trillion, with a public listing planned for September 2026. If it proceeds at that scale, it would be the largest IPO in US history.
What Happened
A confidential S-1 filing lets a company begin the regulatory process without disclosing financial details to the public immediately. The full document must become publicly available at least 15 days before the roadshow — likely in August 2026. Goldman Sachs and Morgan Stanley are serving as lead underwriters.
This follows a private funding round that valued OpenAI at $852 billion. Key shareholders include Microsoft (approximately 27%) and the OpenAI Foundation (roughly 26%), with the remainder held by employees and other investors.
The Financials: Explosive Growth, Steep Losses
OpenAI's revenue is growing at a remarkable pace — annualized revenue reached approximately $25 billion as of February 2026, with Q1 2026 revenue around $6 billion. But profitability remains a distant goal: the company currently loses $1.22 for every dollar it earns. Net losses for the full year 2026 are projected at $14 billion, with profitability not expected before 2030.
The enterprise segment offers a brighter picture — it now accounts for more than 40% of revenue and is growing faster than consumer subscriptions. ChatGPT Ads Manager, launched on May 5, reached $100 million in annualized revenue in under six weeks.
Why It Matters
OpenAI is the company that kicked off the modern AI boom. ChatGPT launched roughly three and a half years ago and instantly reshaped how the world thinks about artificial intelligence. With the IPO, retail and institutional investors will be able to own a direct stake in that story for the first time.
The listing also sets a benchmark for the broader AI industry. A successful trillion-dollar IPO would likely accelerate the path to public markets for Anthropic, xAI, and other major private AI players. Anthropic is reportedly targeting its own IPO in October 2026, making Q4 a potentially historic quarter for the sector.
What Comes Next
CEO Sam Altman was deliberate in managing expectations: "Filing for an IPO is different from being ready to go public." The full financials will hit public EDGAR filings in August — that is when markets will decide whether a deeply unprofitable company warrants a trillion-dollar price tag. The roadshow details and final pricing are expected closer to autumn.
