OpenAI US IPO filing targets $1T as revenue hits $2B a month

OpenAI made its move toward a public listing on June 9, 2026, when it filed confidential paperwork with the U.S. Securities and Exchange Commission. The OpenAI US IPO filing signals how far the artificial intelligence boom has pushed the company — and the market around it — in a short time.

The filing puts OpenAI alongside two other closely watched names in tech, Anthropic and SpaceX, in what is shaping up to be one of the most consequential stretches for public-market debuts in years. Meanwhile, CEO Sam Altman shared an outline of the company’s plans online as the news broke, and OpenAI said on X that it expected the filing to leak anyway, so it decided to announce it first.

The tone was unusually casual for a milestone corporate event. Still, the numbers behind the OpenAI US IPO filing are anything but.

OpenAI confidentially files for a US IPO with the SEC

IPO timing is still undecided, but September 2026 is possible

OpenAI has not locked in a specific date for its market debut. The company said timing remains undecided and noted that a launch “may be a while” because some things are “easier as a private company.” However, sources familiar with the plan suggest a debut could happen as early as September 2026.

Reuters reported that OpenAI is targeting a valuation of up to $1 trillion. That would place it among the most valuable companies ever to go public. Earlier this year, the company raised $110 billion at an $840 billion valuation, with backing from SoftBank, Amazon, and Nvidia. As a result, the leap to a $1 trillion target in just a matter of months reflects both rapid revenue growth and the broader investor rush around AI.

Anthropic and SpaceX are also racing toward IPOs

OpenAI is not alone in the sprint toward public markets. Rival AI company Anthropic filed confidentially for its own US IPO on June 1, just days before OpenAI, following a funding round that valued it at $965 billion. SpaceX, which owns AI chatbot maker xAI, is pursuing an offering that would carry a $1.75 trillion valuation. If completed, that would make it the largest IPO in history.

If all three companies go public near their target valuations, the market will face a major test of investor appetite for technology stocks. Markets have absorbed eye-watering AI valuations for years. Even so, the simultaneous push from three trillion-dollar-range companies is something else entirely.

Global IPOs have already raised $87.5 billion through late May 2026, the highest level since 2021. That matters because it suggests the market is, for now, open to large listings.

OpenAI targets a $1 trillion valuation as revenue surges

Monthly revenue hits $2 billion, but profits are still years away

The revenue story is hard to ignore. OpenAI is generating $2 billion in monthly revenue as of March 2026, a growth rate roughly four times faster than the companies that defined the internet and mobile eras. That is a sharp jump from around $1 billion in quarterly revenue at the end of 2024.

However, the company also says it does not expect to be profitable until 2030. The costs of running frontier AI models — including compute, infrastructure, and talent — are enormous. Revenue is rising quickly, but expenses are rising too. In turn, the gap between strong top-line growth and a profitability horizon four years out will be one of the key questions for investors.

ChatGPT, OpenAI’s flagship product, now has over 900 million weekly active users and more than 50 million paying subscribers. That scale supports the case for the OpenAI valuation 2026 target. Whether public-market investors agree will be a defining moment for the AI sector.

From nonprofit roots to a public benefit corporation

OpenAI’s corporate journey is unusual even by Silicon Valley standards. Founded in 2015 as a nonprofit research lab, the company later created a for-profit arm to fund the increasingly expensive work of developing frontier AI systems. In December 2024, it announced plans to restructure further as a public benefit corporation, a move meant to balance profit motives with its stated mission of developing AI safely.

That restructuring drew immediate pushback and set the stage for the legal fight that followed the company into IPO preparations.

Elon Musk lawsuit OpenAI case cleared a legal hurdle

A US jury dismissed Musk’s case in May 2026

Elon Musk, an early backer of OpenAI, filed a lawsuit against the company’s leadership, arguing that the shift toward a for-profit structure betrayed the original mission of the organization he helped fund. The case drew significant attention, partly because of Musk’s profile and partly because it raised larger questions about how AI companies should be governed as they accumulate more power and capital.

A US jury dismissed the lawsuit in May 2026, ruling against Musk. Analysts widely viewed the verdict as removing a meaningful legal obstacle ahead of the IPO.

Why the ruling matters for OpenAI’s next step

The dismissal does more than clear one item from the risk list. It also validates OpenAI’s corporate restructuring, at least in the eyes of a jury, and lets the company move forward with its public benefit corporation status without active litigation hanging over its prospectus. That matters to institutional investors, underwriters, and regulators who will all scrutinize the deal.

More broadly, the Elon Musk lawsuit OpenAI outcome may shape how courts handle governance disputes as the AI sector matures and more companies change structure.

The wider AI boom is reshaping jobs and capital markets

The IPO wave does not exist in a vacuum. The AI productivity boom behind these valuations is also reshaping the workforce. Nearly 117,000 tech workers have been laid off so far in 2026, with companies explicitly citing AI-driven productivity gains as justification. In crypto, more than 5,000 jobs have been cut, and Block alone eliminated 4,000 positions in February while pointing to AI efficiencies.

That tension — AI companies moving toward massive public-market funding while the broader industry cuts jobs in AI’s name — is one of the more uncomfortable parts of this moment. Regulators and policymakers watching the listings will not miss it.

For investors, the central question is simple: is the OpenAI story — extraordinary growth, huge user adoption, a restructured corporate model, and a cleared legal deck — worth a trillion dollars before the company has turned a single dollar of profit? The answer could help define how the entire AI generation of companies is valued for years to come.

Frequently asked questions

When did OpenAI file for its IPO?

OpenAI confidentially filed paperwork with the U.S. Securities and Exchange Commission on June 9, 2026.

What valuation is OpenAI targeting for its IPO?

OpenAI is targeting a valuation of up to $1 trillion for its public offering, according to Reuters.

When might OpenAI’s IPO occur?

OpenAI has not confirmed a specific date. The company said timing has not been decided, but a market debut could happen as early as September 2026.

What is OpenAI’s current revenue and profitability outlook?

OpenAI is generating $2 billion in monthly revenue as of March 2026, but it does not expect to reach profitability until 2030.

What was the outcome of Elon Musk’s lawsuit against OpenAI?

A US jury dismissed Elon Musk’s lawsuit against OpenAI’s leadership in May 2026, ruling in favor of the company and removing a significant legal obstacle ahead of its IPO.