OpenAI is reportedly preparing a September IPO with Goldman Sachs and Morgan Stanley leading the offering.
Crypto News
OpenAI is preparing to file confidentially for an initial public offering (IPO) with Goldman Sachs and Morgan Stanley engaged as underwriters, according to the Wall Street Journal.
A draft prospectus could be submitted to US regulators as soon as May 23, though the exact timing remains subject to market conditions. The company said its "focus remains on execution" and declined to confirm further details.
OpenAI carries a private valuation of approximately $852 billion based on its most recent funding round. Secondary market shares on Forge Markets were trading at $735 each as of May 20, up more than 46% over the past three months and 120% over the prior year. The implied valuation on that marketplace reaches approximately $906 billion.
Musk Lawsuit Dismissed Before Filing
The IPO push accelerated after a federal jury dismissed Elon Musk's $150 billion lawsuit against OpenAI on May 19. Jurors ruled the case was filed too late on procedural grounds. The lawsuit had challenged OpenAI's conversion from a nonprofit to a for-profit entity.
Musk co-founded OpenAI in 2015 and departed in 2018 following internal disputes. He posted on X on May 19 that he plans to appeal the verdict to the Ninth Circuit. He stated the jury ruled only on a "calendar technicality" and did not address the substance of his allegations.
Musk also wrote that OpenAI's founders "enriched themselves by stealing a charity" and warned that allowing such a precedent would be "incredibly destructive to charitable giving in America." He added: "OpenAI was founded to benefit all of humanity."
Crypto Token Warnings Preceded Filing
OpenAI equity is subject to strict transfer restrictions. Any attempted transfer of company shares without prior written consent from OpenAI is void under its terms. The firm reiterated those rules after unauthorized tokenization attempts circulated in crypto markets earlier in May 2026.
Both OpenAI and Anthropic issued warnings that unauthorized pre-stock tokens could be worthless. Token prices for both firms fell sharply after those statements. Prediction market platform Myriad had placed a 73% probability on OpenAI reaching public markets before Anthropic as of May 20.
OpenAI has raised approximately $180 billion in total funding to date. Legal counsel for the offering is being handled by Cooley. Goldman Sachs and Morgan Stanley declined to comment.
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