Quick Read – MSFT holds a 27% OpenAI stake worth ~$135 billion but trades 14% below the $561 analyst consensus, making it the top public IPO proxy. – OpenAI burns $2.20 per $1 earned, and Polymarket traders give only 31% odds of a September listing despite the confidential SEC…
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OpenAI just took its most concrete step yet toward Wall Street, while going out of its way to say it has not actually decided to go public. The company confidentially filed S-1 IPO paperwork with the SEC and disclosed the move in a blog post. OpenAI was valued at roughly $850 billion after its $122 billion financing round in March.
According to CNBC’s Kate Rooney, “OpenAI did take a major step towards a public market debut with this confidential filing that it put into the SEC. The company acknowledged that, saying, ‘We expect it to leak. So we’re just announcing it.'” The Filing and What It Means A confidential SEC filing is a preparatory step.