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OpenAI confidentially files for initial public offering on US stock market (www.theguardian.com)

submitted 1 week ago by cm0002@literature.cafe to c/usa@midwest.social

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OpenAI has filed confidentially to go public on the US stock market, according to a company blog post published Monday. The ChatGPT maker is expected to be valued at more than $850bn.

“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it. We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best,” the company’s post reads. An S-1 is an investor prospectus submitted to the US Securities and Exchange Commission (SEC) in advance of an initial public offering (IPO).

One week earlier, OpenAI’s rival Anthropic, which makes the popular Claude chatbot, announced it had filed to go public with the SEC.

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[–] plateee@piefed.social 4 points 1 week ago (2 children)

How can you go public if you don't make a profit?

[–] quill7513@anarchist.nexus 1 points 2 days ago

that's when a majority of companies go public to get an influx of cash to do something or another to become profitable.

an ipo for an investor is just a casino game where you're betting on if the leadership of that company's plan to attain profitablity will pan out and they'll still exist in 5 years

[–] P00ptart@lemmy.world 3 points 1 week ago

Promises. Just like Elon.