Confidential submission of draft S-1 to the SEC
OpenAI has announced that it confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission. The company stated it chose to disclose the filing ahead of an anticipated leak. No timeline has been determined for further action regarding an initial public offering.
The Core Development
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.
This announcement is being made pursuant to Rule 135 under the Securities Act of 1933, as amended, and does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
Why it matters
The move gives OpenAI the option to go public sooner if it decides that is the best path forward, while balancing the advantages of remaining a private company.