OpenAI's confidential IPO registration statement (Form S-1) filed with the U.S. SEC is expected to lay bare roughly $665 billion in AI infrastructure purchase commitments and cumulative cash burn spanning 2026 to 2030. The company filed its confidential S-1 around May 22, 2026, and disclosed the fact itself on June 8, saying in effect that it would leak anyway so it was announcing it. OpenAI left the listing timing open, citing the possibility of completing certain tasks more easily while still a private company (CBS News).
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