OpenAI CEO Sam Altman revealed this week in an internal message to employees that the company expects to go public within the next year. Earlier this week, OpenAI confidentially filed an IPO application with the U.S. Securities and Exchange Commission (SEC), targeting a historic $1 trillion valuation. However, Altman left the door open for a delay if AI achieves Recursive Self-Improvement (RSI).
Confidential SEC Filing Follows Rival Anthropic's Lead
According to a report from tech media outlet The Information on Wednesday (July 10), Altman told employees that OpenAI is on track for an IPO next year. The report also noted that OpenAI confidentially submitted its IPO paperwork to the SEC on Monday (around June 8). This makes OpenAI the second major AI giant to take concrete steps toward listing on U.S. stock exchanges, following rival Anthropic's active push for an IPO. The move aims to satisfy global investors' near-insatiable demand for AI exposure.
While OpenAI's official statement on Monday did not disclose the offering size, terms, or a specific timeline, noting that 'some things are easier to handle as a private company, so it may take a while,' earlier reports suggested the company's Wall Street debut could target a $1 trillion valuation, with potential progress as early as September.
Altman: Filing Now Gives Us Options, But RSI Is the Wild Card
Explaining the rationale behind the confidential filing, Altman told employees: 'Many things could move the timeline forward or backward, but filing now gives us more options if we want to go public sooner.'
However, the AI visionary introduced a sci-fi-esque variable. Altman noted that if OpenAI's technology breakthroughs allow AI to achieve Recursive Self-Improvement (RSI) — where AI can autonomously create and optimize entirely new AI systems — the urgency for a rapid IPO would diminish significantly. 'The faster RSI takes off, the more beneficial it could be for us to delay the IPO,' Altman wrote in the internal message.
Stabilizing Morale: Share Buyback at $687.69 Per Share Coming
While focusing on the macro listing blueprint, Altman also addressed internal stability amid market turmoil. He informed employees that OpenAI would soon launch a new tender offer, with a per-share price of $687.69. This will allow employees to cash out some of their equity incentives into real money ahead of the official IPO.