OpenAI is preparing to confidentially file a draft initial public offering (IPO) prospectus as early as Friday, May 22. It is one of the largest IPOs in history.
The company behind ChatGPT, now valued at more than $850 billion by private investors, is working with Goldman Sachs and Morgan Stanley to file for the registration, which could happen in the coming days or weeks. CNBC reported on Wednesday, May 20.
An OpenAI representative said in a statement: “As part of normal governance, we regularly evaluate a range of strategic options. Our focus remains on execution.”
The AI company is already planning to hit the markets by the end of the year, and perhaps even make a splash in September, Reuters reported.
The move comes less than two days after OpenAI successfully defended itself against a lawsuit filed by Elon Musk, claiming the company violated its nonprofit status.
This happened after an advisory panel concluded that Musk filed a complaint late. OpenAI’s planned IPO could be overshadowed by another rival company, Elon Musk-owned SpaceX, which plans to file its own prospectus confidentially as early as Wednesday.
SpaceX is currently valued at $1.25 trillion and works with Goldman Sachs as its main left bank.
