According to Odaily, OpenAI has been working with investment banks to prepare for its initial public offering (IPO) filing in the coming days or weeks. Investment banks including Goldman Sachs and Morgan Stanley are assisting OpenAI in drafting its IPO prospectus, which the company plans to secretly submit to regulators soon, possibly as early as this Friday. Some sources familiar with the matter indicate that OpenAI aims to launch its IPO as early as September, however, these plans are still subject to change.
Earlier this week, OpenAI cleared a major hurdle on its path to an IPO: the company won a legal battle with co-founder Elon Musk, now a rival to CEO Dennis Altman. Musk stated he plans to appeal the ruling. OpenAI still faces a number of other challenges, the most significant being market concerns about its ability to generate sufficient revenue to support its massive data center spending commitments. (WSJ)
