YO GUYS YOU NEED TO WATCH THIS ONE CLOSELY BECAUSE OpenAI just officially filed their confidential S-1 form and the timing is wild! They're following Anthropic right on the heels of that company going public last week, which means one of two things happened in Silicon Valley this month. The crazy part is how they worded it — "we recently submitted a confidential S-1; we expect it to leak so we're just announcing it." That kind of cheeky confidence tells you everything about their current mindset! And the numbers that come with this are absolutely staggering: after NVIDIA and Amazon pumped another $122 billion into them in the latest round, OpenAI is now valued at a jaw-dropping $852 billion. You can't ignore that scale when talking about one company's IPO move.
But here is where it gets interesting because I want everyone to look at the math they don't talk about often enough. Current reporting shows they pulled in roughly $25 billion in annualized revenue by February, but — and this is a big 'but' - they are projected to burn up to $115 billion through 2029 on compute costs alone! That puts their path to profitability under serious scrutiny before the IPO even lands. Just ask yourself if that burn rate makes sense for a company whose core business depends on more and more expensive model training every year. It's not just speculation — it's actual projections from the latest numbers, and they raise fundamental questions about OpenAI's long-term financial structure as an IPO target.
Then add into the mix the competition Google has been putting up with Gemini 3 Pro since last November and that already shows where things are headed for everyone in AI racing. But honestly what really shocked me was learning about a lawsuit filed this past April by families of victims from the Tumbler Ridge mass shooting — they're alleging OpenAI failed to act on its own automated safety system warnings, which is chilling given how much we rely on these guardrails every day. When you weigh $852 billion against that kind of failure, it's impossible not to feel conflicted about where this technology is headed and what the IPO means for accountability going forward. Either way, OpenAI has just opened its books one step closer, so pay attention because the real story starts now!
Source: https://www.engadget.com/2190079/openai-files-sec-paperwork-to-go-public/
But here is where it gets interesting because I want everyone to look at the math they don't talk about often enough. Current reporting shows they pulled in roughly $25 billion in annualized revenue by February, but — and this is a big 'but' - they are projected to burn up to $115 billion through 2029 on compute costs alone! That puts their path to profitability under serious scrutiny before the IPO even lands. Just ask yourself if that burn rate makes sense for a company whose core business depends on more and more expensive model training every year. It's not just speculation — it's actual projections from the latest numbers, and they raise fundamental questions about OpenAI's long-term financial structure as an IPO target.
Then add into the mix the competition Google has been putting up with Gemini 3 Pro since last November and that already shows where things are headed for everyone in AI racing. But honestly what really shocked me was learning about a lawsuit filed this past April by families of victims from the Tumbler Ridge mass shooting — they're alleging OpenAI failed to act on its own automated safety system warnings, which is chilling given how much we rely on these guardrails every day. When you weigh $852 billion against that kind of failure, it's impossible not to feel conflicted about where this technology is headed and what the IPO means for accountability going forward. Either way, OpenAI has just opened its books one step closer, so pay attention because the real story starts now!
Source: https://www.engadget.com/2190079/openai-files-sec-paperwork-to-go-public/