OpenAI is preparing to confidentially file a draft of its initial public offering (IPO) prospectus on Friday, May 22. This marks one of the largest public market debuts in history.
The company behind ChatGPT, which is now valued at more than $850 billion by private investors, is working with Goldman Sachs and Morgan Stanley to file for this 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 periodically evaluate a variety of strategic options. Our focus remains execution.”
The AI company has already been planning to hit the markets later this year, possibly even making waves in September, Reuters reported.
This move comes less than two days after OpenAI successfully defended itself against a lawsuit brought by Elon Musk, alleging that the company violated its nonprofit status.
This came after an advisory jury concluded that Musk filed the lawsuit late. OpenAI’s planned initial public offering could be overshadowed by another rival company, Elon Musk-owned SpaceX, which plans to confidentially file its own prospectus on Wednesday.
SpaceX is currently valued at $1.25 trillion and is working with Goldman Sachs as the lead left bank.
