Goldman Sachs and Morgan Stanley are handling OpenAI's IPO documents, with the application possibly submitted as early as Friday

OpenAI has been working with investment banks to prepare for the submission of an initial public offering (IPO) application in the coming days or weeks. Investment banks, including Goldman Sachs and Morgan Stanley, are assisting OpenAI in drafting the IPO prospectus, and the company plans to submit the documents confidentially to regulators soon, possibly as early as this Friday. Some insiders have indicated that OpenAI aims to go public as early as September, although the plans remain subject to change.

Earlier this week, OpenAI cleared a significant hurdle on the road to its IPO: the company won a legal dispute with co-founder and now rival CEO Altman against Musk. Musk has stated that he plans to appeal the ruling. OpenAI still needs to overcome a series of other challenges, the most significant of which is the market's concern about its ability to generate enough revenue to support its substantial data center expenditure commitments.