The Wall Street Journal reported on May 20, citing multiple sources, that OpenAI has been preparing a draft of its IPO prospectus in collaboration with investment banks and plans to file it confidentially with the U.S. Securities and Exchange Commission (SEC) as soon as May 22.
The company aims for a public listing by September, although sources indicated that these plans remain fluid and subject to change.
OpenAI recently overcame a significant hurdle in its IPO efforts by winning a lawsuit filed by Elon Musk, CEO of Tesla. However, Musk has stated his intention to appeal the ruling.
The acceleration of OpenAI's IPO preparations comes amid a competitive landscape for tech company listings. SpaceX is set to go public on the Nasdaq on June 12, and Anthropic is also targeting an IPO within the year.
However, concerns have been raised about OpenAI's ability to demonstrate revenue growth sufficient to support its substantial investments in data centers. The Wall Street Journal noted that OpenAI must address worries about whether it can generate enough revenue to sustain its commitments to large-scale AI infrastructure spending.
Recently, OpenAI has reportedly fallen short of some internal revenue and user targets amid increasing competition from rivals like Google and Anthropic. Notably, Anthropic has shown faster growth in recent months as adoption of its software tools has surged in corporate settings.
In response, OpenAI is shifting its strategy to enhance software tools that cater to high demand from enterprise customers. The Wall Street Journal reported that OpenAI is undertaking significant strategic changes to catch up with Anthropic.
* This article has been translated by AI.
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