OPENAI GOES PUBLIC — SAM ALTMAN SUBMITS CONFIDENTIAL SEC FILING AT $852 BILLION VALUATION WHILE BURNING MORE THAN IT EARNS OpenAI quietly dropped its confidential S-1 with the Securities and Exchange Commission on June 8th, one week after rival Anthropic made the same move. The company, last valued at $852 billion after the largest private funding round in Silicon Valley history — $122 billion raised in late March — told investors it has not decided on timing or pricing. That vagueness is hiding some uncomfortable math. Internal documents show OpenAI loses roughly $1.22 for every dollar it brings in. Management is projecting a $14 billion loss in 2026, does not expect positive cash flow until 2030, and plans to spend the entire amount of that $122 billion round on computing power for AI research in 2028 alone. Goldman Sachs, Morgan Stanley, and JPMorgan are running the deal. Analysts expect the public valuation to exceed $1 trillion. SpaceX is expected to go first among the three major AI-linked IPOs and will likely absorb a significant chunk of the available capital. Whoever goes second, OpenAI or Anthropic, will be priced against the other, which is why the race to file first actually matters. On secondary markets, Anthropic recently hit a $1 trillion valuation on Forge Global while OpenAI was trading at around $880 billion. The AI gold rush is finally meeting Wall Street. Keywords: OpenAI IPO, OpenAI SEC filing, Sam Altman IPO, OpenAI valuation, AI public offering