OpenAI Files Confidential S-1 Filing, Following Anthropic’s Move

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The Confidential S-1 Filing and the Race for Capital

The move by OpenAI to submit a confidential S-1 is a strategic hedge. By filing privately, the company can secure regulatory approval from the SEC without tipping its hand to competitors or exposing sensitive financial data to the public until the moment of launch. As Les Affaires reported, the company admitted it chose to go public with the news now to get ahead of inevitable leaks. OpenAI has not yet set a hard date for the listing. The company noted that some of its current goals might be easier to achieve as a private entity, suggesting that the IPO is less of a destination and more of a tool for funding. This sentiment was echoed by CFO Sarah Friar, who described the IPO as simply another way to raise the billions required to build energy-hungry data centers and procure millions of processors. The scale of the capital at stake is staggering. To understand the pressure on OpenAI, one only needs to look at the current valuation benchmarks in the sector:

OpenAI’s Pivot to Professional Tools

Despite the massive weekly user base of ChatGPT—which sits at nearly one billion people—OpenAI is facing a profitability crisis. Its rival, Anthropic, has managed to outpace OpenAI in both valuation and revenue projections by focusing on a “professional-first” strategy. While OpenAI captured the public imagination, Anthropic focused on the more lucrative corporate sector. To close this gap and attract public market investors who demand sustainable margins, OpenAI spent this winter aggressively reorganizing. The company shuttered its short-form entertainment video app, Sora, and suspended its erotic chatbot project. These cuts signal a hard pivot toward professional utility, specifically leaning into tools like Codex to secure a foothold in the enterprise market.

Anthropic’s Valuation and the Profitability Gap

Anthropic is currently operating from a position of strength that is rare for a five-year-old AI firm. According to Courrier International, the company is on the verge of doubling its revenue to exceed $10 billion, driven largely by global sales of its Claude model. This growth trajectory is not just impressive; it is historic. The speed of Anthropic’s revenue climb reportedly exceeds the growth seen by Zoom during the pandemic lockdowns, and even surpasses the pre-IPO trajectories of early Google and Facebook. This financial health is bolstered by a recent funding round of $65 billion, pushing its private valuation toward the $1 trillion mark.

Perplexity’s 2028 Strategy and the SpaceX Bellwether

While OpenAI and Anthropic rush toward the public markets, Perplexity is taking a contrarian approach. The California-based startup has no intention of following the current herd, instead targeting 2028 for its own IPO. “Regardless of the fate reserved for these two companies (Anthropic and OpenAI), we had planned an introduction to the stock market in 2028, and that remains current.” Aravind Srinivas, CEO of Perplexity, via Boursier.com The decision to wait is a calculated bet on stability over speed. According to Boursier.com, Perplexity executives believe that delaying their debut allows them to build a healthier, high-growth company without the volatility of immediate public scrutiny. However, Perplexity is watching this week’s SpaceX IPO with extreme intensity. Because SpaceX is expected to execute one of the most massive listings in history, its performance will serve as the primary indicator for the rest of the tech sector. “I am convinced that there will be repercussions if things go wrong, there is no other word. The SpaceX IPO this week will undoubtedly be a key indicator of the success of Anthropic or OpenAI.” Aravind Srinivas, CEO of Perplexity, via Boursier.com The stakes extend beyond individual balance sheets. If the SpaceX listing falters, it could freeze the capital pipeline for AI firms that are spending billions on hardware and talent. If it succeeds, it validates the current “hyper-valuation” era, clearing the path for OpenAI and Anthropic to transition from private laboratories to public utilities.