OpenAI files S-1 draft for IPO preparation

OpenAI has filed a confidential S-1 registration draft with the U.S. Securities and Exchange Commission, paving the way for a future IPO. The S-1 is a key document companies submit before going public, detailing business, risks, and finances. OpenAI says filing doesn't mean an immediate IPO and 'it may take a while.'

The company admitted the draft would eventually leak, so it chose to announce proactively. Rival Anthropic also secretly filed for an IPO earlier. Both AI firms haven't decided on timing yet, but the moves show they're preparing for public markets.