OpenAI prepares for IPO: confidential S-1 filed, target valuation $850B–$1T, September listing eyed

What happened

OpenAI confidentially filed an S-1 with the SEC on May 22, 2026. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are leading the process. The company targets a US listing between September and November 2026. Information on progress surfaced in coverage tied to other events on July 17, 2026 (Bloomberg, Fortune).

Context and impact

OpenAI is currently valued at $852 billion following its latest funding round. The target IPO valuation is $850B to $1T. The company explicitly stated it has not committed to a timeline — the confidential S-1 is optionality, not a commitment. The Apple trade secrets lawsuit and GPU supply chain concerns complicate timing.

Details

• S-1 filing date: May 22, 2026 (confidential)
• Underwriters: Goldman Sachs, Morgan Stanley, JPMorgan Chase
• Target listing window: September–November 2026
• Current private valuation: $852B
• Target IPO valuation: $850B–$1T
• Company: IPO is not guaranteed, it's an 'option' if market conditions are favorable