OpenAI files confidentially for a $1T-plus IPO, eyeing a September listing led by Goldman Sachs and Morgan Stanley

Multiple outlets reported that OpenAI filed a confidential draft registration statement (Form S-1) with the SEC on or around May 22, 2026, taking the first formal step toward what could be the largest IPO in history. Reporting indicates a targeted public listing as early as September 2026 (with some timelines extending into the fall) at a valuation exceeding $1 trillion, led by Goldman Sachs and Morgan Stanley, with JPMorgan also cited in some accounts. OpenAI's most recent private valuation was reported at $852 billion, set in a roughly $122 billion funding round in March 2026 backed by investors including Amazon, Nvidia and SoftBank.

On the financial trajectory, outlets cited annualized revenue reaching about $25 billion by February 2026, up from roughly $20 billion at the end of 2025, with CEO Sam Altman targeting $100 billion in annualized revenue by 2027. Coverage tied the IPO's feasibility to OpenAI's October 2025 restructuring into a public benefit corporation, which eliminated the prior capped-profit structure that had limited investor returns. Because the filing is confidential, the registration statement itself is not public, and the figures above derive from press reporting rather than a publicly available prospectus; the company had not, as of the window, confirmed final terms, timing or valuation.

The story is therefore corroborated across several outlets reporting consistent details but rests on a non-public draft filing.