00:00Chet GPT maker OpenAI confidentially filed for a US initial public offering recently, according to the company.
00:08They joined rival Antropic in a push toward the stock market as investors seek exposure to the artificial intelligence boom.
00:19However, OpenAI did not disclose the size or terms of the offering and said a timeline has not yet been
00:26determined.
00:27Reuters had reported that the AI giant is targeting a valuation of up to US$1 trillion in a stock
00:34market debut that could come as early as September.
00:37At that valuation, OpenAI would set the stage for a trio of trillion-dollar valuation companies debutting rapidly,
00:45which together are seen as the most consequential tests of investor appetite for high-growth technology stocks in the last
00:5210 years.
00:53OpenAI said earlier this year that it was raising US$110 billion at an US$840 billion valuation from a
01:02roster of heavyweight backers,
01:04including SoftBank, Amazon and NVIDIA.
01:08At the time, it also disclosed that Chet GPT had more than 900 million weekly active users and over 50
01:15million consumer subscribers.
01:16The IPO filing follows OpenAI renegotiating its partnership with Microsoft, one of its earliest investors,
01:24which allowed the AI pioneer to forge new partnerships with firms such as Amazon.com and Alphabet's Google.
01:31The Windows Maker's early investment, totaling US$13 billion since 2019,
01:38helped pave the way for OpenAI's rapid rise and powered growth at Microsoft's Azure cloud computing business.
01:45In March, OpenAI said it was generating US$2 billion in monthly revenue
01:50and growing roughly four times faster than companies that define the internet and mobile eras,
01:56including Alphabet and Meta.
01:59That compares with about US$1 billion in quarterly revenue at the end of 2024.
02:05OpenAI told investors during its most recent fundraising round
02:09that it did not expect to be profitable until 2030,
02:13according to a source familiar with the matter.
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