OpenAI prepares confidential IPO filing ahead of September 2026 listing

OpenAI is preparing to submit a confidential IPO filing within the coming days or weeks, according to The Wall Street Journal, citing people familiar with the matter.

Goldman Sachs and Morgan Stanley have been brought on to lead the preparation. According to the report, the filing could be submitted to regulators as soon as this Friday. OpenAI is reportedly targeting a public listing in September 2026, although sources noted that the timeline may change.

Ahead of a potential IPO, the company has cleared one of its most significant legal hurdles. A court recently ruled in OpenAI's favor in its ongoing dispute with co-founder Elon Musk, who had accused the company of attempting to "steal a charity" when it converted into a for-profit structure. Musk has said he intends to appeal the decision.

OpenAI on Musk: “Motivated by jealousy”

As the Musk v. Altman trial enters its second week in Oakland, attention has turned to a post on OpenAI’s website titled “The truth about Elon Musk and OpenAI”, in which the company defends itself against the lawsuit in unusually personal terms.

Durov's CodeDaria Ivanova

OpenAI was valued at $852 billion in its most recent funding round. However, the company has fallen short of several internal revenue and user growth targets amid intensifying competition from Google and Anthropic. According to WSJ, Chief Financial Officer Sarah Friar believes OpenAI may need more time to fully prepare for a public listing.

2026 is shaping up to be a record year for IPO activity in the tech sector. In addition to OpenAI, both SpaceX and Anthropic are reportedly considering public listings of their own.