OpenAI is reportedly working with Goldman Sachs and Morgan Stanley for a potential September IPO, despite internal warnings about slowing growth.

OpenAI is collaborating with Goldman Sachs and Morgan Stanley on confidential documentation for an initial public offering (IPO), which sources suggest could be filed as early as the end of this week.

If this timeline holds, the company could debut on public markets by September. Such a move would represent one of the most significant tech IPOs of the decade.

According to the Wall Street Journal, serious internal disagreements have emerged regarding the pace of these preparations.

CEO Sam Altman is reportedly pushing for a rapid listing to capitalize on the current AI euphoria and the massive investor appetite for generative artificial intelligence.

However, CFO Sarah Friar has cautioned leadership that OpenAI might not yet be fully prepared for the rigors of the public markets.

Slowing Growth Behind the Scenes

Despite a valuation ranging between $850 billion and $1.1 trillion, the company is starting to show the first signs of a slowdown.

Sources indicate that OpenAI failed to reach its internal target of 1 billion weekly active users for ChatGPT, with the platform plateauing at approximately 900 million.

The company also missed several monthly revenue targets earlier this year—a concerning signal given the staggering costs associated with AI infrastructure.

These factors have intensified the pressure on OpenAI to secure fresh access to capital markets.

Sarah Friar reportedly warned management that slower revenue growth could complicate the financing of the company’s aggressive infrastructure commitments.

AI Competition Intensifies

Further pressure stems from the rapidly escalating competition within the AI sector.

Google continues to aggressively develop Gemini, which is steadily gaining ground in the consumer AI product market.

Anthropic is also emerging as an increasingly formidable rival.

Reports suggest Anthropic is preparing its own IPO toward the end of 2026, with a valuation estimated at around $900 billion.

This turns the race for AI capital into a direct confrontation between the industry’s largest players.

Legal Victory Against Elon Musk Clears the Path

The decision to move forward with the IPO follows a major legal victory for OpenAI.

The lawsuit filed by co-founder Elon Musk was previously viewed as a potential hurdle for a public listing. However, reports indicate the company received a favorable ruling this week.

While Musk plans to appeal, the removal of this immediate legal risk has provided a green light to accelerate the IPO process.

Wall Street Braces for a Historic IPO Wave

OpenAI is not the only mega-cap company eyeing the public markets.

SpaceX is also expected to release IPO documentation in the coming days. If OpenAI, Anthropic, and SpaceX all execute their plans, they could potentially raise more capital than all major U.S. IPOs since 2022 combined.

This trajectory puts 2026 on track to become the biggest year for tech IPOs since the internet boom and the SPAC mania of the previous decade.