OpenAI Files Confidentially for IPO

OpenAI has filed confidentially for an IPO with the SEC, following rival Anthropic's similar move just over a week prior. The company, last valued at $852 billion, has not disclosed timing, pricing, or fundraising targets, noting it may remain private longer as some goals are easier to achieve outside public markets. The filing comes despite OpenAI missing revenue targets and projecting losses through at least 2028, even after doubling sales. The company expects to spend roughly $122 billion on computing power in 2028 alone, raising questions about whether public market investors will back a business that won't be cash-flow positive for years.