# Briefing: OpenAI Prepares Massive Confidential IPO Filing
OpenAI is preparing a confidential initial public offering (IPO) filing that could hit the U.S. Securities and Exchange Commission (SEC) as early as Friday. Wall Street giants Goldman Sachs and Morgan Stanley are drafting the prospectus, targeting a public market debut by September 2026.
The company is reportedly aiming for a public valuation that could hit **$1 trillion**.
### What Triggered the Acceleration?
The sudden push toward the public markets follows a massive legal victory. A federal jury in California unanimously dismissed Elon Musk’s multi-billion dollar lawsuit against OpenAI and CEO Sam Altman after less than two hours of deliberation. The jury ruled that Musk had waited too long to file his claims.
> *"Resolving that legal overhang removed a major obstacle to an IPO and likely gave OpenAI the confidence to accelerate its timeline,"* stated IPOX Vice President Kat Liu.
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### Financial and Operational Scale
Because this is a **confidential filing**, OpenAI’s detailed financials will remain shielded from immediate public view. However, recent disclosures reveal the sheer scale of the company:
* **Valuation:** Last valued at **$852 billion** following a record-breaking $122 billion private funding round in early 2026.
* **User Base:** ChatGPT currently boasts more than 900 million weekly active users and over 50 million consumer subscribers.
* **Corporate Structure:** OpenAI recently converted its for-profit subsidiary into a public benefit corporation while retaining its nonprofit foundation as an oversight entity.
### The Autumn Wall Street Landscape
If the September timeline holds, OpenAI will enter a crowded public market alongside historic tech listings:
* **The SpaceX Matchup:** Elon Musk's SpaceX has released its own blockbusting public IPO prospectus, targeting a listing as early as next month.
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