OpenAI Submits Confidential IPO Filing... AI Funding War Intensifies

[Financial News, New York = Reporter Lee Byung-chul] OpenAI, the maker of ChatGPT, has officially begun the process for an Initial Public Offering (IPO). Along with Anthropic, which has already completed preparations for a listing, and SpaceX, which is pushing for the largest IPO in history this week, the AI industry is entering a full-scale battle to secure funding.
OpenAI said on the 8th, local time, that it had submitted confidential draft registration documents to the United States Securities and Exchange Commission (SEC). The timing of the listing has not been finalized, but a debut on the New York Stock Exchange (NYSE) could come as early as this fall.
The company explained, "There are things that are easier to do while remaining a private company," and added, "Going public involves complex trade-offs." Still, by formalizing its IPO push, it has drawn intense attention from Wall Street.
This IPO move carries significance beyond simple fundraising. In the AI industry, OpenAI, Anthropic, and SpaceX are effectively competing to become the leading representative of the next generation of tech companies. Investment banks, in particular, believe that "the first company to go public can define the standards of the AI industry and secure investment capital ahead of others."
Anthropic moved ahead of OpenAI last week by disclosing that it had submitted listing documents. Reports have also said that people inside OpenAI were concerned Anthropic might reach the market first.
OpenAI still holds a dominant position in the consumer AI market. However, in the enterprise AI market, Anthropic has recently been expanding its share rapidly, and in some private transactions, its valuation is said to have surpassed OpenAI's.
This IPO effort shows that the competition for funding in the AI industry has entered a new phase. OpenAI recently raised $122 billion from Amazon.com, Inc., NVIDIA, and SoftBank Group Corp., setting the largest investment-raising record in Silicon Valley history. But as AI competition intensifies, analysts say even that amount may not be enough.
Profitability remains the biggest challenge for AI companies. OpenAI is pursuing plans to invest hundreds of billions of dollars in data centers and computing infrastructure by 2030. It will need to prove to investors that revenue can grow enough to cover those enormous costs.
Market watchers are also raising the possibility that OpenAI's cash burn could become the largest in the history of public companies. Rival firms Anthropic and SpaceX are likewise pressing ahead with massive investments despite losses amounting to billions of dollars.
Even so, Wall Street is watching AI companies closely because of Amazon's example. After its founding, Amazon posted losses for years, but aggressive investment helped it dominate the market and grow into one of the world's largest companies.



pride@fnnews.com Reporter Lee Byung-chul Reporter