"OpenAI to Begin IPO Process This Week, Targeting September Listing"

[Financial News]  
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OpenAI, the AI lab that helped pioneer the AI era, is expected to begin its listing process as early as this week, aiming for an IPO in September. Along with Elon Musk's Tesla-backed space company SpaceX, OpenAI is one of the two biggest IPO names in this year's market.
The Financial Times (FT) reported on the 20th, citing sources, that OpenAI has spent the past several months preparing for a listing with investment banks Goldman Sachs and Morgan Stanley, as well as the law firm Cooley.
The company's valuation is expected to reach the high end of the $100 billion range, or about 1,497 trillion won. That would put it on par with SpaceX, which is reportedly eyeing a valuation of $1.75 trillion.
According to sources, the IPO filing could come as early as the 22nd. They said the goal is to list in the fall.
Another reason OpenAI is moving quickly is to counter rival Anthropic. Anthropic, which has been challenging OpenAI's dominance with Claude and Mythos, is also reportedly planning a listing as early as this year. OpenAI appears determined to secure its lead among AI startups and get ahead in the IPO market as well.
However, while CEO Sam Altman is pushing for an IPO drive, Chief Financial Officer Sarah Friar is said to be urging a more cautious approach.
In practice, the timing of OpenAI's IPO is expected to depend on market conditions and on whether SpaceX's listing is well received. SpaceX is expected to stage the largest listing in history next month.
Another reason OpenAI is hurrying its listing is SpaceX's IPO. The company is trying to make it clear to the market in advance that "we are going public too," in order to prevent SpaceX from absorbing all the IPO market's funds and causing OpenAI's own listing to fall flat.
Once the company files its IPO documents with the SEC, the process officially begins, and investors can be expected to hold back funds to buy OpenAI shares.
Paradoxically, that could become a factor that undermines the success of SpaceX's IPO. SpaceX plans to raise about $75 billion through its listing.
That is one reason Musk's lawsuit against OpenAI has been linked to SpaceX's planned listing. However, the case was dismissed on the 18th, and the judge said any appeal by Musk would also be rejected, effectively shutting the door on further legal action.
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dympna@fnnews.com Song Kyung-jae Reporter