OpenAI files for IPO, setting stage for three massive California tech public company debuts

OpenAI filed confidentially for an initial public offering, setting the stage for three of the biggest stock market debuts in history alongside Anthropic and SpaceX.

The San Francisco artificial intelligence company confirmed the filing Monday and said no timing was set.

"We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best," the company said Monday.

Rival Anthropic filed for an IPO last week, soon after reaching $965 billion in valuation. OpenAI was last valued at $852 billion after a massive fundraising round of $122 billion in March.

Elon Musk, OpenAI co-founder turned foe, is also taking SpaceX public at a value that could exceed $1.7 trillion.

Musk faced off in court last month against OpenAI CEO Sam Altman and President Greg Brockman, with Musk alleging that OpenAI had abandoned its nonprofit mission. OpenAI denied the claims and said its nonprofit entity continues to do philanthropic work. A jury quickly ruled against Musk, saying he had filed the suit outside the statute of limitations, which cleared the way for OpenAI to go public.

Real estate and tech experts expect the IPOs to add fuel to San Francisco's red-hot real estate market. Capital gains taxes will also boost California's coffers.

OpenAI currently has 718 open jobs and has grown to be the second-largest San Francisco office tenant after a spree of massive leases.

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