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OpenAI Files To Go Public
Open your wallets // Illustration by Kate Walker
OpenAI has confidentially filed to go public, setting the stage for a battle between Anthropic and SpaceX for IPO dominance.
Why It Hits: OpenAI, Anthropic, and SpaceX announcing public offerings back-to-back highlights Wall Street’s appetite for these companies, the need to raise capital for AI infrastructure, and concerns that there may not be enough money to go around. While none of these companies is anywhere near profitability, investors will likely judge them on their long-term vision for success.
Behind The Filing: OpenAI filed to go public now in case it needs to pull the trigger sooner than planned.
It hasn’t set a price target or valuation target, but the startup was valued at $852 billion during its most recent $122 billion fundraise — the largest in Silicon Valley history.
Secondary markets pegged OpenAI’s valuation at $880 billion in April, making a $1 trillion valuation a possibility.
The company said it still has goals it wants to achieve as a private company before going public, so expect some major deals before a listing.
Last Investment: Fascinatingly, one of the most interesting stories set to come out of this IPO — alongside those of Anthropic and SpaceX — will be how many new millionaires are minted: longtime employees who retained equity or accumulated stock options. No wonder you can buy a house right now with Anthropic stock.
OpenAI is working to allow employees to sell their shares to private investors ahead of the IPO, so expect those shares to become some of the most sought-after assets on the market.
The Future: It’s possible that OpenAI is waiting to officially roll out its much-hyped “superapp” before setting a listing date. That could provide the near-term growth narrative the company is looking for.
Together with Levanta
Get Your Brand’s Word Out With Levanta
REVO had everything a growing brand is supposed to have — creators, sales, and traffic. What it didn’t have was proof that any of it was bringing in new customers.
Instead of relying solely on a pay-per-click model, the wellness brand partnered with Levanta to scale a creator program with more than 2,200 vetted affiliates. The platform handled onboarding, product sampling, and performance tracking in one place, driving the kind of external traffic Amazon actually rewards.
And it worked. Creators posted, audiences searched, and first-time buyers discovered REVO on YouTube and Google before ever landing on an Amazon listing.
The results:
$1M+ in affiliate-driven sales
96% new-to-brand customers
The average Amazon ad campaign drives 28% new-to-brand customers. REVO reached 96% — clear validation that every creator, post, and search was actually doing its job.
Your program deserves that same level of validation — and the confidence of knowing that when new customers find you, your growth is real.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.