OpenAI IPO Incoming? Inside OpenAI’s S-1 Filing and the Trillion-Dollar AI Triumvirate Liquidity Race

OpenAI Inc. has officially taken its most decisive step toward public capital markets, announcing that it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC). The highly anticipated announcement arrives just one week after chief enterprise rival Anthropic filed its own confidential S-1, and mere days before Elon Musk’s aerospace and AI heavyweight, SpaceX (SPCX), executes its historic $75 billion public market debut.