OpenAI confirms confidential IPO filing, with timing undecided

OpenAI confirmed that it submitted a confidential S-1, following a Reuters report that the company had confidentially filed for a U.S. IPO.[1][2] SmartAsset says the filing was submitted on May 22, 2026, and allows SEC review to begin before a prospectus is made public.[3] The filing is a step toward a possible IPO, not a promise to complete one.[3] OpenAI says the confidential process preserves the option to go public sooner if it decides that is best for the company.[2]

OpenAI says it has not decided when to pursue an IPO and may remain private for a while to do work it considers easier outside the public markets.[2] SmartAsset reports that Sam Altman said OpenAI would not go public in 2026, making 2027 the earliest publicly discussed timeline.[3] Other reports point to different possibilities: Bloomberg Law cited a person familiar with the plan who said the company was targeting a fall debut, while Stocktwits reported Altman told employees an IPO could happen within the next year, with a flexible timeline.[4][5] These reports do not establish a confirmed date.

OpenAI has not disclosed an IPO date, offering size, share price, exchange or final valuation, according to SmartAsset.[3] The company’s shares are not currently available on a public exchange.[3] SmartAsset says OpenAI’s private-market valuation rose from roughly $86 billion in early 2024 to $852 billion in March 2026.[3] It also reports that OpenAI was seeking at least $30 billion in another private funding round at a prospective $1.4 trillion valuation before new capital, but says that figure is unconfirmed because the financing has not closed.[3]

CNBC reported that OpenAI planned a tender offer allowing employees to sell shares at the latest $852 billion valuation; Stocktwits reported a price of $687.69 per share.[6][5] Those reported transactions are not the terms of a public offering. SmartAsset says a company’s registration statement must be public at least 15 days before an IPO roadshow begins.[3] CNBC also reported that OpenAI had been working with Goldman Sachs and Morgan Stanley on its filing.[6] These details offer context, but they do not confirm when an IPO will happen or what public-market investors would pay.