OpenAI IPO S-1 Filed: $852 Billion Valuation, $47 Billion Revenue Run Rate, Sam Altman Owns 7 Percent

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OpenAI filed its S-1 registration statement confidentially with the SEC on June 8, setting the stage for what is expected to be one of the largest technology IPOs in history with a reported target valuation approaching 1 trillion dollars. The company's annualised revenue run rate crossed 47 billion dollars in May 2026, up from roughly 10 billion dollars in annual revenue in 2025. That pace of growth, nearly five times in under 18 months, is extraordinary for a company at this scale. The filing creates a quiet period that constrains marketing communications, which is why GPT-5.6 will likely ship as a technical update rather than a major product announcement.

The S-1 has revealed details about the company's cap table that were previously opaque. Sam Altman owns approximately 7 percent of the company, giving him a stake worth somewhere between 60 and 70 billion dollars at the target valuation. The filing also requires disclosure of material legal risks, meaning the 42-state attorney general investigation, the Florida lawsuit naming Altman personally, and the ongoing government export control negotiations with the Anthropic situation as precedent context all have to appear in the document.

Anthropics concurrent IPO positioning at 965 billion dollars creates an unusual situation where two competing frontier AI labs are simultaneously in SEC registration periods. Anthropic filed confidentially on June 1 and overtook OpenAI's valuation in the process. The two companies going public within months of each other, combined with SpaceX's June 12 Nasdaq debut, means the public markets are about to receive the three most consequential AI-era listings in a very compressed window.

AI giant Anthropic prepares to sell stock to the public; files preliminary IPO paperworkwww.npr.org