OpenAI Confidentially Files S-1 IPO Prospectus with SEC — Targets September Listing at ~$1 Trillion Valuation
CNBC / Fortune·high signal
OpenAI filed its confidential S-1 with the SEC on May 22, 2026, with Goldman Sachs and Morgan Stanley leading the deal. The company targets a public listing as early as September at a valuation approaching $1 trillion, up from its last private round at $852 billion. Fortune reports the S-1 will reveal OpenAI's negative 122% non-GAAP operating margin in Q1 2026 (~$6.95B quarterly loss) and an estimated $207 billion in additional capital needed through 2030.