OpenAI files confidential S-1 with SEC, eight days after Anthropic
OpenAI submitted a confidential Form S-1 to the SEC on Monday, entering the public-market race eight days behind rival Anthropic.
OpenAI submitted a confidential Form S-1 to the Securities and Exchange Commission on Monday, formally entering the IPO process eight days after Anthropic filed its own S-1 on June 1. The dual filings intensify competition between the two AI labs to reach public markets first.
A confidential S-1 allows a company to begin SEC review without immediately disclosing financial details or valuation targets. Both firms are expected to make their filings public in the coming months as they move toward listing dates, at which point investors will see revenue figures, profit margins, and customer counts. OpenAI's most recent private valuation stood at $157 billion in late 2025, while Anthropic was valued at $60 billion.
The filings mark a turning point for the generative AI sector, which until now has been dominated by venture-backed private companies. OpenAI and Anthropic have raised billions from investors including Microsoft, Google, and Salesforce, but neither has faced the quarterly disclosure requirements or public-market scrutiny that come with a listing. Going public will force both companies to report detailed financials and justify their valuations against revenue growth—a test that has proven difficult for other high-profile tech IPOs in recent years.
