According to Fortune, OpenAI filed a confidential S-1 registration statement with the SEC on June 9, 2026, formally kicking off the process toward a public listing. The company last raised at an $852 billion private valuation and is reportedly targeting a $1 trillion market cap, with a potential debut as early as the fourth quarter of 2026. Goldman Sachs, Morgan Stanley, and JPMorgan are reportedly managing the offering. The filing came roughly a week after rival Anthropic submitted its own confidential S-1, raising the prospect that both major AI labs could go public within months of each other. OpenAI has noted it has not finalized timing.