OpenAI Files Confidential S-1, Eyes 2026 IPO

Published 7 days ago

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The Spin

OpenAI's confidential S-1 filing marks a turning point for AI — public markets are finally opening up to the biggest names in the space. With a valuation north of $850 billion, OpenAI joins SpaceX and Anthropic in a historic sprint toward public listings. The next chapter of AI won't just be written in research labs; it'll be written by everyday investors.

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OpenAI started as a nonprofit meant to benefit humanity and is now chasing an $850 billion stock market valuation — that's a pretty telling reversal. Rushing to cash out at insane multiples while missing internal revenue targets looks less like a new AI era and more like a classic top signal. When the hottest name in tech sprints for public money this fast, skepticism is the rational response.

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