OpenAI has formally initiated its IPO process by filing a confidential S-1 registration statement with the U.S. Securities and Exchange Commission on May 22, 2026. This move could lead to a valuation exceeding $1 trillion, making it one of the largest technology IPOs in history. The offering is being led by Goldman Sachs, Morgan Stanley, and JPMorgan. CEO Sam Altman is targeting a market debut in September 2026, although he clarified that the filing does not indicate immediate readiness for public trading. OpenAI's last valuation stood at $852 billion after a record $122 billion funding round in March 2026. The anticipated IPO will force OpenAI to disclose its revenue and cost structure, which currently shows annualized revenue of approximately $25 billion, but with significant losses. This IPO coincides with rival Anthropic's planned October 2026 listing, setting the stage for an unprecedented comparison of the financials of leading AI companies.