OpenAI files for US$730–850b IPO despite US$44b loss

OpenAI has confidentially filed to go public at a reported valuation between US$730 billion and US$850 billion, even after losing about US$44 billion last year.

Internal forecasts cited in reports say OpenAI does not expect to be profitable until around 2030 and could burn roughly US$665 billion before then, while its CFO has reportedly warned the company is not yet ready.

With betting odds on a 2026 listing sliding from 60% to 47%, early employees selling shares, Anthropic filing for an even richer valuation, and Elon Musk suing over OpenAI’s structure and content policies, investors are asking whether this float marks the peak of an AI boom or just the beginning.