OpenAI IPO

OpenAI is preparing for its highly anticipated IPO, with Bloomberg reporting on May 29, 2026 that the company has discussed adding Citigroup and JPMorgan to its underwriter lineup, signaling advanced preparation for the public offering. Multiple sources previously reported that OpenAI could confidentially file its S-1 as soon as May 22, 2026, with the IPO potentially happening as early as September 2026. This represents a major acceleration from the previous late 2026 timeline, with OpenAI now in an intense race with competitor Anthropic, whose revenue has reportedly surpassed OpenAI's and whose valuation has leapfrogged ahead according to recent reports. The IPO preparation follows a series of breakthrough developments that have cleared OpenAI's path to public markets. Most notably, on May 18, 2026, OpenAI secured a major courtroom victory over Elon Musk, with a jury rejecting Musk's lawsuit and eliminating a major legal obstacle. Combined with the mid-May 2026 Microsoft revenue cap agreement ($38 billion) that reduces revenue-sharing obligations, and the successful May 14, 2026 Cerebras IPO (rising 89-109% on its first day) demonstrating strong market appetite for AI offerings, OpenAI appears positioned for an aggressive public debut. The expansion of its banking syndicate to potentially include Citigroup and JPMorgan alongside existing advisors indicates the company is assembling a premier Wall Street team for what industry observers predict will be "the second biggest IPO of all time." Despite competitive pressure from Anthropic's new Claude Opus 4.8 model launch and revenue gains, as well as remaining challenges including internal disagreements and ongoing regulatory scrutiny, OpenAI is moving forward with its filing plans. Revenue has reportedly hit $25 billion annualized as of May 2026, with market speculation suggesting a potential IPO valuation approaching $1 trillion.