OpenAI is preparing to confidentially file a draft registration statement for an initial public offering, according to reports confirmed by CNBC. The artificial intelligence specialist, valued at over $850bn on private markets, is reportedly working with several major investment banks, including Goldman Sachs and Morgan Stanley, to prepare the transaction. The group is considering a market debut as early as Q4 2026, in what could become one of the largest listings in financial market history.
The company said that it regularly evaluates various strategic options as part of its normal governance, while maintaining that its priority remains operational execution. CFO Sarah Friar recently explained that it was natural for a company of this scale to operate like a public entity. OpenAI is now trying to convince investors of the economic viability of its model, as its funding requirements remain substantial to support its expansion in artificial intelligence.
These preparations come amid intense competition in the generative AI sector. SpaceX, now linked to xAI following their tie-up earlier this year, is also preparing a potentially historic IPO after reaching a valuation of $1,250bn. OpenAI, which sparked the global boom in generative AI with ChatGPT, has already raised over $180bn from investors. The group faces growing competition from Anthropic, which is currently negotiating a funding round that could value the company at $900bn.
Microsoft Corporation is the world's leader in the design, development and marketing of operating systems and software programs for PC's and servers. The group also builds and sells computer equipment. Net sales break down by activity as follows:
- sale of operating systems and application development tools (42.9%): primarily for servers (Azure, SQL Server, Windows Server, Visual Studio, System Center, GitHub, etc.) and (Windows);
- development of cloud-based software applications (37.7%): programs for productivity (Microsoft 365; Word, Excel, PowerPoint, Outlook, OneNote, Publisher and Access), integrated management and customer relationship management (Dynamics 365), online file sharing and management (OneDrive), and unified and collaborative communications (Microsoft Teams);
- other (19.4%): primarily sale of software licenses (Windows), tablets (Microsoft Surface), video game consoles and software (Xbox), computer accessories, etc.
The United States accounts for 51.3% of net sales.
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