New Delhi [India], May 21 (ANI): OpenAI is preparing to file confidentially for an initial public offering (IPO) in the coming weeks, according to The New York Times news report. The decision, by the maker of ChatGPT, lays the groundwork for one of the largest artificial intelligence (AI) company offerings, which would heighten the stakes of the global technology race.
According to a report filed by New York Times, two people with knowledge of the matter said that OpenAI is working with Goldman Sachs and Morgan Stanley to prepare the paperwork. The individuals stated that OpenAI is closely watching the stock market, and the timing of any filing remains in flux. If the filing comes soon, the initial public offering could take place as soon as September.
“As part of normal governance, we regularly evaluate a range of strategic options,” the report quoted a spokesman for OpenAI. “Our focus remains on execution.”
OpenAI is one of the most highly anticipated potential IPO candidates this year, amid a string of tech company offerings. The report mentioned that SpaceX, Elon Musk’s rocket and satellite company, which valued itself at more than USD 1 trillion, is on the runway to reach the stock market as early as next month. Anthropic, an OpenAI rival raising money at a USD 900 billion valuation, also took steps to go public.
The San Francisco-based OpenAI was valued at USD 730 billion in the private market after a funding round this year, not including its latest investment.
“An I.P.O. boom would probably unleash a flood of generational wealth, creating the world’s first trillionaires and cementing the riches of a set of Silicon Valley tech executives who are already billionaires. It would also bring a bonanza to A.I. company employees, as well as to Wall Street banks and others,” the report highlighted.
However, these technology companies could reach the stock market even as their technology generates an intense backlash. The news report mentioned that communities around the world are pushing back against data centers being constructed in their backyards.
“In the United States, a growing national movement of parent groups, religious leaders, environmentalists and former Tea Party activists is also resisting A.I., a technology that many fear could harm their jobs, national security, the environment and people’s mental health,” the report said.
OpenAI overcame a significant hurdle on Monday on the way to a possible listing when a federal judge and jury rejected a lawsuit from Elon Musk that aimed to unravel the for-profit company that OpenAI created last year. (ANI)
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