OpenAI Confidentially Files S-1, Officially Kicking Off the IPO Process
OpenAI announced on June 8 that it has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). According to multiple media reports, the filing marks the first official step in the IPO process.
Notably, the move comes just about a week after OpenAI's biggest rival, Anthropic, similarly filed to go public. TechCrunch reports that "the race to go public between the two AI powerhouses is heating up," while the WSJ notes the filings will be "a litmus test for investor appetite for AI labs."
In its official announcement, OpenAI said that the contents of the S-1 and the listing timeline are "not yet determined," so as with typical confidential filings, details will have to wait for a future public disclosure. A confidential submission allows a company to exchange documents with the SEC privately and switch to a public filing once it is ready.
Backed by ChatGPT's explosive growth, OpenAI had been the subject of IPO rumors since early 2025. This formal step signals that the generative AI boom is now moving into full swing as a main event for the investment market.
Altman's Side Venture Tools for Humanity Conducts Layoffs — A Discordant Note on IPO Day
In an ironic twist of timing, Tools for Humanity — the biometric verification company co-founded by OpenAI CEO Sam Altman — has reportedly carried out layoffs almost in parallel with OpenAI's S-1 filing.
According to TechCrunch, the company struggled to generate the revenue it had expected from its identity verification business built on the "Orb" iris-scanning technology, its main revenue pillar, prompting the staffing cuts. Altman serves on the company's board while remaining CEO of OpenAI.
The sight of the leader of an AI company heading into an IPO facing business challenges at a separate venture could well draw investor scrutiny.
Apple Open-Sources Its CoreAI Models
Apple has published "CoreAI Models" on GitHub. The model family underpins Apple Intelligence as announced at WWDC 2026, and it now allows developers to directly examine Apple's AI approach.
At its WWDC keynote, Apple had already announced a revamped Siri AI powered by Google Gemini and strengthened on-device models, and this open-sourcing can be seen as a further opening up to the community. It is also making waves on Hacker News.
TL;DR
OpenAI kicks off its IPO process**: Announced a confidential S-1 filing. The race to go public against Anthropic is on in earnest
Tools for Humanity conducts layoffs**: Altman's side venture cuts staff amid revenue struggles
Apple open-sources CoreAI Models**: Released on GitHub, following through on its WWDC keynote