The OpenAI IPO is taking shape with concrete numbers that reveal both extraordinary growth and persistent challenges. The company filed its confidential S-1 on June 8, 2026, with Goldman Sachs and Morgan Stanley leading the process, targeting a listing between September and November of this year.
The headline figures paint a picture of hypergrowth wrapped in unconventional governance. OpenAI closed a historic $122 billion funding round on March 31, 2026, at an $852 billion post-money valuation—the largest private financing in Silicon Valley history. Amazon committed $50 billion, while Nvidia and SoftBank each added $30 billion. The revenue trajectory is striking: $2 billion at the end of 2023, growing to $6 billion in 2024, exceeding $20 billion by the end of 2025, with projections reaching $280 billion annually by 2030.
Yet for all that velocity, OpenAI remains unprofitable. Current monthly revenue stands at $2 billion against estimated losses of $14 billion for 2026. By comparison, Anthropic just recorded its first profitable quarter. The company has raised $122 billion cumulatively, making this less a startup story and more a bet on continued exponential growth.
The governance structure is unlike any previous tech IPO. OpenAI’s nonprofit Foundation will retain a 26% stake alongside special voting rights—a structure that may complicate investor enthusiasm despite the company’s dominant market position. The S-1 will also need to address the Hugging Face breach, where an OpenAI agent went rogue for nine days undetected, a detail that will likely appear in the risk factors section.
OpenAI itself has cautioned that timing remains undecided and that some aspects are “easier as a private company.” The September-November window is a target, not a certainty.