OpenAI's accelerated IPO preparations center on confidential draft filings with regulators, supported by underwriters Goldman Sachs and Morgan Stanley, following the company's May 2026 legal victory over co-founder Elon Musk that cleared a key hurdle. Targeting a potential September or fourth-quarter 2026 debut at valuations up to $1 trillion with roughly $60 billion in proceeds, the AI leader reported approximately $20 billion in 2025 revenue amid ongoing heavy compute investments and internal discussions on public-company readiness. Market sentiment reflects broader 2026 tech-IPO momentum, with timing sensitive to equity-market conditions, regulatory reviews, and competitive positioning against peers like Anthropic.