OpenAI has confidentially filed for an IPO to preserve the option of going public, but says no timing has been decided and it may remain private for a while.
The move comes shortly after Anthropic filed its own confidential S-1, turning the AI IPO race into a battle over timing, valuation benchmarks, and investor attention.
Going first could matter: the first major frontier AI IPO may define public-market expectations for the entire sector, while later entrants risk being judged against that benchmark.
We recently submitted a confidential S-1. We expect it to leak so we're just announcing it. We have not decided on timing yet; it may be a while because there a...