OpenAIi lines up confidential IPO filing as race for AI listings accelerates

OpenAI, the San Francisco company behind ChatGPT, is preparing to file confidentially for an initial public offering within weeks. The company is working with Goldman Sachs and Morgan Stanley on the paperwork and is monitoring market conditions before proceeding. Timing remains fluid, but a filing in the coming weeks could enable a listing as early as September. OpenAI’s valuation was reported at $730 billion in its most recent private funding round, with secondary trades pushing the implied valuation closer to $850 billion. A successful listing would be among the largest AI flotations and would signal broader investor appetite for AI stocks amid stretched revenue multiples. OpenAI is also expanding its UK presence, including leasing headquarters in King’s Cross.

"OpenAI, the San Francisco company behind ChatGPT, is preparing to file confidentially for an initial public offering within weeks, in what would rank as one of the largest flotations the artificial intelligence sector has ever seen and a defining moment in the global technology race."

"According to two people familiar with the matter, the ChatGPT maker is working with Goldman Sachs and Morgan Stanley on the paperwork and is monitoring market conditions closely before pulling the trigger. The timing remains fluid, but a filing in the coming weeks could pave the way for a listing as early as September."

"OpenAI was valued at $730 billion in its most recent private funding round earlier this year, with secondary market trades reportedly pushing the implied valuation closer to $850 billion. A successful listing would dwarf the floats of Facebook, Alibaba and Saudi Aramco in dollar terms and crystallise the AI boom that ChatGPT triggered when it launched in late 2022."

"It would also stand as a bellwether for the broader appetite for AI stocks at a moment when revenue multiples across the sector have stretched far beyond historical norms. CNBC reported separately that the company is targeting a public debut in the autumn, with the filing potentially landing within days."

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