OpenAI is accelerating its path toward an initial public offering, with plans to confidentially file a draft prospectus as soon as Friday, sources told the Wall Street Journal. The company has enlisted Goldman Sachs and Morgan Stanley as lead underwriters for a listing that could value the AI firm at over $900 billion, according to secondary market prices on Forge Markets, where shares have surged 120% over the past year.
The move comes just days after a jury dismissed Elon Musk’s $150 billion lawsuit challenging OpenAI’s transition to a for-profit structure. The court found that Musk had waited too long to bring his claims, removing a key legal obstacle. Musk vowed to appeal, but the ruling clears the way for CEO Sam Altman to take the company public later this year, contingent on SEC review and market conditions.
OpenAI has raised roughly $180 billion in total funding and is preparing for a high-profile debut amid a competitive landscape that includes potential IPOs from Anthropic and SpaceX. The filing would allow OpenAI to begin the regulatory process while assessing investor demand, and the choice of blue-chip underwriters signals intent for a landmark technology listing. Crypto markets have seen turbulence from unauthorized tokenization of AI stocks, with OpenAI and Anthropic PreStocks token prices falling sharply after both firms warned such shares could be worthless.
