OpenAI, the creator of ChatGPT, is reportedly planning to “confidentially file” its plans to go public, according to a CNBC report citing an insider source who claims the company will file a draft of its IPO prospectus as soon as Friday. The move follows previous reports that OpenAI had been preparing for an initial public offering as early as the fourth quarter of this year.
IPO Market Predictions and Valuation
Traders on the prediction market Kalshi are actively pricing the timing of the announcement. Current market data shows an 81% probability of an announcement before November, a 60% chance before October, and a 38% chance before September. Traders are generally bullish on the timeline, with markets forecasting an 84% chance that OpenAI will launch its IPO before its competitor, Anthropic.
Legal Battle with Elon Musk
The IPO plans emerge alongside a complex legal dispute with co-founder Elon Musk. Musk filed a federal lawsuit against OpenAI CEO Sam Altman and others, alleging that the company betrayed its original nonprofit, public-benefit mission by transforming into a for-profit enterprise. Musk further claimed that Microsoft “aided and abetted” Altman and co-founder Greg Brockman in breaching their duty to OpenAI.
For more on this story, see OpenAI Launches ChatGPT Work for Enterprises.
The litigation has seen significant developments:
- Case Dismissal: NBC News reported that a jury unanimously threw out Musk’s federal lawsuit after two hours of deliberation, concluding that Musk waited too long to bring the action.
- Narrowed Scope: Judge Yvonne Gonzalez Rogers previously trimmed the case by dismissing fraud-related counts, though the court allowed a jury trial to proceed on theories of unjust enrichment and breach of charitable trust.
Market commentator Jim Cramer stated on X that the lawsuit posed “serious risks” for OpenAI if it pursues a public listing, suggesting the company might need a large private fundraising round before trial due to Musk’s “unlimited firepower.”
Expansion into Browsers and Health
While navigating legal and financial transitions, OpenAI is expanding its product ecosystem. The company recently unveiled ChatGPT Atlas, an AI-powered browser currently available globally on macOS, with versions for Windows, iOS, and Android expected to follow. The announcement coincided with a roughly 3% dip in Alphabet shares as investors considered the impact on Google’s market dominance.
Additionally, OpenAI launched ChatGPT Health, a dedicated space for health and wellness. The tool allows users to securely connect medical records and wellness apps—including Apple Health, MyFitnessPal, and Function—to summarize bloodwork or explain lab reports. OpenAI stated the tool was designed in collaboration with physicians to support, rather than replace, professional clinical care.
Policy Updates and Clarifications
The launch of the health tool follows a period of confusion regarding OpenAI’s usage policies. In October 2025, OpenAI consolidated three separate policy documents into a single unified set of rules. This update included restrictions on providing tailored advice that requires a license, such as medical or legal advice, without the involvement of a licensed professional.
This follows our earlier report, Google Gemini Co-Lead Noam Shazeer Joins OpenAI.
Following social media claims—including a deleted post from Kalshi—that ChatGPT would no longer provide health or legal advice, OpenAI’s head of health AI, Karan Singhal, refuted the claims. Singhal clarified that model behavior remains unchanged and that the updated policy was designed to reflect a universal set of rules across all OpenAI products and services.
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