OpenAI to Begin IPO Process as Early as the 22nd...Aiming for September Listing

SpaceX and Anthropic Also Preparing for IPOs
Lawsuit with CEO Musk Emerges as a Variable

Reuters Yonhap News

According to a report by the Wall Street Journal (WSJ) on May 20, OpenAI, the developer of ChatGPT, is expected to begin its listing process as early as this week. It has been revealed that OpenAI is targeting an initial public offering (IPO) in September.

WSJ, citing sources, stated, "OpenAI plans to confidentially submit IPO application documents to the U.S. Securities and Exchange Commission (SEC) as early as the 22nd," adding, "The company is aiming for a September listing, but the related plans are still subject to change."

OpenAI has expressed its intention to expedite the listing process within the second half of this year at the latest. WSJ analyzed that this is because major big tech companies are also preparing for IPOs in succession. SpaceX, led by Elon Musk, CEO of Tesla, has announced its intention to list on the Nasdaq on June 12, and Anthropic is also aiming for an IPO within the year.

In particular, it is believed that securing a first-mover advantage in the IPO market ahead of Anthropic, which is competing in the field of AI models, would be beneficial for raising capital. However, WSJ pointed out that for a successful IPO, OpenAI must demonstrate sufficient revenue to justify its massive AI infrastructure spending.

One of the variables being raised is a lawsuit filed by CEO Musk. While OpenAI won the first round of the lawsuit, CEO Musk has expressed his intention to appeal. Previously, CEO Musk filed a case against OpenAI, claiming that he invested based on the company's promise to operate as a nonprofit, but that it was converted into a for-profit corporation without authorization, thereby violating public trust obligations and resulting in unjust enrichment; he lost the case.

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