OpenAI Files Secret IPO, Says Don't Get Too Excited—Check Back Never 📉

ChatGPT developer OpenAI confirmed Monday it has confidentially submitted an S-1 registration statement with the U.S. Securities and Exchange Commission, formally beginning the process toward a potential initial public offering. "We recently submitted a confidential S-1," the company wrote in a post on X. "We expect it to leak, so we're just announcing it." An S-1 is the registration document companies file with the SEC before selling shares to the public, and a confidential filing allows regulators to begin reviewing paperwork before detailed financial information is disclosed. OpenAI cautioned the move should not be read as a signal of an imminent listing, stating it "have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company," and that the filing gives it "the option to go public sooner if that ends up being best."

The announcement follows months of speculation about a public listing. In May, The Wall Street Journal reported OpenAI was weighing a September IPO and had engaged Goldman Sachs and Morgan Stanley to lead the offering, a report that came after the dismissal of Elon Musk's lawsuit challenging OpenAI's corporate structure. OpenAI is not alone in moving toward public markets: earlier this month, rival artificial intelligence developer Anthropic disclosed a confidential IPO filing, while Musk's SpaceX unveiled its own IPO plans in May. OpenAI has nearly 1 billion ChatGPT users, most of whom use the product for free, a monetization gap the company is working to close before any public debut.

According to the Financial Times, based on interviews with more than a dozen current and former employees, OpenAI is planning a redesign of ChatGPT intended to turn it into a superapp serving as a single interface for coding, task automation, image generation, and partner apps. The effort is internally codenamed "Aria," though OpenAI has not confirmed the codename or announced a hard launch date. Separately, Xiaomi released MiMo-V2.5-Pro-UltraSpeed, a serving mode for its trillion-parameter flagship that the company said hits over 1,000 tokens per second and peaks near 1,200 in demos, marking one of the latest public benchmarks in AI inference speed.

During its annual Worldwide Developers Conference on Monday, Apple unveiled Siri AI, a rebuilt version of its voice assistant that the company said can hold conversations, understand personal context, analyze images, and complete more complex tasks across Apple's devices. The announcement marks Apple's largest update to Siri since the assistant launched in 2011. None of the three companies disclosed a specific IPO or product launch date for the public markets, leaving the timing of each move uncertain.