OpenAI filed confidentially for an initial public offering, positioning itself among the most valuable tech firms. With a private‑market valuation of $730 billion after this year’s funding, the move could trigger a wave of high‑profile IPOs from rivals like SpaceX and Anthropic.

The decision follows a $122 billion financing round that pushed OpenAI’s total capital to over $180 billion. Though revenue hit $13 billion last year, the company plans to spend $115 billion in the next four years on data centers and AI development.

An IPO would unlock significant value for employees and investors alike, potentially reshaping tech‑centric real‑estate markets. However, the company remains unprofitable, and large capital expenditures pose risks to long‑term profitability.