OpenAI Prepares for September IPO With Goldman Sachs and Morgan Stanley OpenAI’s push to go public is accelerating, colliding with legal drama, fierce AI competition, and Wall Street’s appetite for blockbuster tech listings.

On April 1, Elon Musk’s SpaceX quietly filed for its own IPO, setting up a high-stakes race to public markets that also includes OpenAI rival Anthropic. Behind the scenes, investors began expecting both AI leaders to list between Labor Day and Thanksgiving, using confidential filings before full S‑1 disclosures.

OpenAI’s path was clouded by Musk’s lawsuit challenging its shift to a for‑profit structure and its current governance. A jury in Oakland ruled this week that Musk’s claims were barred by statutes of limitations, handing OpenAI and CEO Sam Altman a major legal victory and clearing a key obstacle to an IPO.

Within days, reports emerged that OpenAI was “barreling toward” a public listing, with Altman hoping to be ready by September. The company is working with Goldman Sachs and Morgan Stanley and could submit a confidential prospectus to regulators within days or weeks, according to multiple accounts. Axios reported that the timing appears designed, in part, to “take some shine off” SpaceX’s imminent IPO unveiling, even as both firms share many of the same banks.

Business Insider says OpenAI is “racing to go public,” targeting a fall listing that would give early employees and investors long-awaited liquidity after a funding round that valued the company at $852 billion. Public filings would also expose the “vast resources” OpenAI is pouring into AI models as it projects multi‑billion‑dollar losses through 2029, including a reported $85 billion loss in 2028.

OpenAI, for its part, is signaling caution, saying only that as “part of normal governance, we regularly evaluate a range of strategic options” and that its “focus remains on execution.” Co-founder Greg Brockman, meanwhile, is emphasizing aggressive expansion, touting a new plan to offer $2 million in API credits to every startup in the current Y Combinator batch to provide “compute for powering the next generation of startups.”

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