OpenAI is preparing to file a confidential IPO prospectus within the coming days or weeks, potentially as early as Friday, according to a report from the Wall Street Journal, citing sources familiar with the matter. OpenAI is working with bankers from Goldman Sachs and Morgan Stanley to draft the IPO prospectus.
The artificial intelligence company is targeting a public debut as early as September, though the timeline remains subject to change.
The move comes after OpenAI recently won a legal battle against co-founder Elon Musk, clearing a significant obstacle to the offering. Musk has indicated plans to appeal the decision.
OpenAI faces questions about its ability to generate sufficient revenue to match its substantial data-center spending obligations.
The company is also confronting increased competition from rival Anthropic, which has experienced faster recent growth driven by widespread workplace adoption. OpenAI is currently implementing a major strategic pivot in response to the competitive pressure.
source https://www.investing.com/news/stock-market-news/openai-set-to-file-confidential-ipo-prospectus-this-week-4701907
