OpenAI, the company behind ChatGPT, has been preparing the ground for a public offering for several months, the value of which is expected to be over USD 1 trillion. The draft prospectus may be submitted as early as Friday, thus starting the countdown to the autumn public offering, writes the Financial Times.
The debut may take place as early as September. The company's CEO, Sam Altman, has been pushing for the $852 billion startup. went public before its main rival, Anthropic, which is also preparing for a stock exchange debut this year.
OpenAI's chief financial officer, Sarah Friar, called for a more cautious approach, according to people familiar with the matter cited by the FT.
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Sam Altman is racing against Elon Musk
The debut date is subject to change depending on market conditions and the performance of Elon Musk's SpaceX, which is expected to debut next month in the largest public offering in history.
Apart from wanting to overtake Anthropic, OpenAI management wants to send a clear signal to stock investors that they will soon have the opportunity to invest in OpenAI and should set aside capital for ita person familiar with the situation told the FT.
The person added that there are “a lot of games being played” between the companies and that OpenAI hopes the filing will help convince investors not to put all their muscle into SpaceX.
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OpenAI vs. SpaceX and Elon Musk
This move may affect SpaceX's stock prices. The missile manufacturer plans to raise approximately USD 75 billion. at a valuation of $1.75 trillion, according to people familiar with the matter.
OpenAI has spent the last 12 months removing potential obstacles to a public listing.
The startup raised nearly $200 billion. as a private company, which is an unprecedented sum, but it is counting on public markets to provide it with additional strength in the fight against Anthropic.
The company this week won a long-running court battle with Elon Musk. A California jury unanimously rejected Elon Musk's lawsuit against OpenAI and its CEO, Sam Altman. The case broke down over formal issues.
Elon Musk, who co-founded OpenAI in 2015, accused Sam Altman of breaking the agreement regarding the non-profit nature of the organization. Musk claimed he was deceived – supported the project with the amount of USD 38 million, believing that newly emerging artificial intelligence technologies (including the later ChatGPT) will be developed as a common good for all humanity.
Source: Financial Times
