OpenAI is reportedly preparing IPO paperwork that could be filed confidentially with regulators within days or weeks, potentially as early as Friday. The planned timing is described as very soon, with a September IPO as a possible target. Bankers at firms including Goldman Sachs and Morgan Stanley are said to be helping draft an IPO prospectus. OpenAI has not issued an official statement about the IPO. The company’s IPO momentum follows a federal court case brought by Elon Musk, who sought up to $130 billion in compensatory damages for alleged anti-competitive behavior and breach of charitable trust, and plans to appeal. OpenAI has also pursued other competitive moves, including a Pentagon deal and plans for a robotics facility, while Sam Altman has made token offers to startups at Y Combinator.
"Bankers at firms including Goldman Sachs and Morgan Stanley have been helping the artificial-intelligence giant on a draft IPO prospectus it plans to file confidentially with regulators soon, possibly as early as Friday. This would be in preparation for a September IPO. It's clear that OpenAI likely is full-steam ahead on the IPO process after winning a federal court case brought by Elon Musk though Musk and his attorney say they plan to appeal immediately."
"In that suit, Musk was seeking as much as $130 billion in compensatory damage for what he claimed was anti-competitive behavior and a breach of charitable trust. OpenAI has not made any official comment or statement on the IPO possibility. We do know that OpenAI has been pretty busy, swooping in to sign a deal with the Pentagon when it looked like competitor Anthropic was getting black-balled, and in March they announced plans for a new robotics facility in the East Bay."
"Altman himself was throwing around money after the verdict, too, as TechCrunch reports, having a "mic drop moment" at a Y Combinator event. Altman reportedly offered "$2 million worth of OpenAI tokens" to every startup in Y Combinator's current class in exchange for equity in those startups. As the Journal previously reported, earlier this month, OpenAI CFO Sarah Friar has been pumping the breaks on the IPO plan, while Altman has been pushing for it."
Read at sfist.com
Unable to calculate read time
Collection
[
|
...
]