OpenAI秘密提交美国IPO申请OpenAI Confidentially Files for US IPO

OpenAI在周一发表的一份声明中证实，公司最近向美国证券交易委员会提交了秘密的S-1招股书草案。OpenAI表示，由于预计到这一消息可能会泄露，因此决定主动公开。秘密提交S-1文件允许该公司在向公众和潜在投资者公开其财务数据之前，先将财务状况提交给监管机构进行审查。

OpenAI confirmed in a statement on Monday that it recently submitted a confidential S-1 draft registration statement to the Securities and Exchange Commission. The company explained that it chose to announce the filing proactively because it anticipated the information would leak. A confidential filing allows the artificial intelligence firm to submit its financial data to regulators for review before making those details available to the general public and prospective investors.

尽管已经启动了IPO程序，但OpenAI强调其尚未决定具体的上市时间。该公司指出，在私有制状态下，有些目标和计划可能更容易推进，但上市与否是一个复杂的权衡过程。秘密提交申请为其提供了灵活性，使其能够在认为最合适的时候选择更早地进入公开市场。

Despite initiating the IPO process, OpenAI emphasized that it has not yet decided on a specific timeline for its market debut. The company noted that there are certain goals and initiatives it wishes to pursue that are likely easier to accomplish as a private entity. Describing the decision as a complicated set of tradeoffs, OpenAI stated that the filing ultimately grants it the flexibility and option to go public sooner if that path proves to be the best course of action.

OpenAI此次秘密提交IPO申请，正值人工智能行业掀起向公开市场进军的热潮。就在一周前的6月1日，OpenAI的主要竞争对手、热门聊天机器人Claude的开发商Anthropic也向美国证券交易委员会提交了IPO申请。在最近的一轮融资中，Anthropic的估值已达到952亿美元，略高于OpenAI在3月融资后的852亿美元估值。这两家头部AI初创公司接连启动上市程序，反映出行业对庞大资金的迫切需求。

OpenAI's confidential filing comes amid a rapid and highly anticipated push toward the public markets by the world's leading artificial intelligence developers. Just one week prior, on June 1, OpenAI's primary competitor Anthropic, the creator of the Claude chatbot, submitted its own IPO filing to the Securities and Exchange Commission. Anthropic was valued at $952 billion in its most recent funding round, slightly higher than OpenAI's post-money valuation of $852 billion established in March. The back-to-back filings by these two prominent startups highlight the intensifying race to secure public capital.

与此同时，由埃隆·马斯克创立并拥有人工智能公司xAI的SpaceX也计划于本周五开始在公开市场交易，这被外界预期为有史以来规模最大的IPO之一。SpaceX近期也提交了IPO申请，其中包含扩大其AI计算能力的计划。随着这些估值数千亿美元的巨头齐聚华尔街，公开市场即将迎来一场前所未有的AI与前沿科技领域的资本盛宴。

Adding to the momentum, Elon Musk's rocket manufacturing company SpaceX, which owns the artificial intelligence firm xAI, is scheduled to begin trading this Friday in what is expected to be a massive market debut. SpaceX recently filed for its own IPO, which includes strategic plans to expand its AI computing power. The concurrent market entries of Anthropic, SpaceX, and OpenAI mark a significant convergence of high-valuation technology and artificial intelligence giants on Wall Street.

在今年3月完成一轮122亿美元的融资后，OpenAI的投后估值达到了852亿美元。尽管估值高企，但该公司面临着证明其能够产生与该估值相匹配的现金流的压力。开发先进的AI模型以及运行这些系统所需的庞大物理数据中心基础设施和云计算能力，正在消耗极其高昂的资金。走向公开市场将为OpenAI提供一个窗口，向华尔街展示其财务数据，并为其不断扩大的AI雄心注入更多资金。

Following a fresh $122 billion funding round in March, OpenAI's post-money valuation reached $852 billion. Despite this high valuation, the company has faced pressure to demonstrate that it can generate sufficient cash to match such a figure. Developing advanced AI models, alongside running the extensive physical data center infrastructure and cloud computing capacity required for these systems, has required pouring billions of dollars into AI infrastructure and computing resources. Transitioning to a public company will eventually give Wall Street a clear window into OpenAI's financial data while allowing the firm to inject more cash to fuel its expanding ambitions.

这种对资金的巨大需求也体现在高管此前的言论中。去年11月，OpenAI首席财务官萨拉·弗里亚尔曾发表言论，暗示美国政府应该为该公司在芯片和数据中心上的巨额支出提供“担保”，这一言论随后被其撤回。弗里亚尔在今年4月接受采访时还曾表示，对于OpenAI这样规模的公司来说，像上市公司那样去审视、感受和行动是“良好的卫生习惯”，但她当时并未对具体的上市时间表发表评论。

The context of this massive capital expenditure was previously highlighted by OpenAI's Chief Financial Officer, Sarah Friar. Last November, Friar raised eyebrows when she made comments suggesting that the US government should "backstop" the company's massive spending on chips and data centers, remarks that she later walked back. More recently, in April, Friar told CNBC that it is "good hygiene" for a business of OpenAI's size to "look and feel and act" like a public company, though she declined to comment on a specific IPO timeline at that time.

除了通过首次公开募股筹集新资金外，OpenAI还计划通过一次要约收购来缓解员工的短期流动性压力。据知情人士透露，该计划将允许员工以公司最新的估值出售其持有的股份。这一估值即为今年3月融资后达到的852亿美元投后估值。由于相关细节属于非公开信息，该知情人士要求不具名。这一举措旨在为员工提供变现渠道，同时公司也在继续推进其上市进程。

Alongside its efforts to raise new capital through an initial public offering, OpenAI plans to facilitate a tender offer to alleviate near-term liquidity pressure for its employees. According to a person familiar with the plans who spoke on the condition of anonymity because the details are private, the transaction will allow employees to sell their shares at the company's latest valuation. This valuation was established at $852 billion post-money following its massive funding round in March.

在筹备此次首次公开募股的过程中，OpenAI一直在与高盛和摩根士丹利等投资银行密切合作。这两家华尔街巨头作为合作银行参与了此次S-1招股书草案的准备工作。值得注意的是，高盛和摩根士丹利也是埃隆·马斯克旗下SpaceX上市申请文件中列于最前列的两家金融机构，这表明这两家银行在当前这波超级科技企业和人工智能巨头上市潮中扮演着核心角色。

To advance its regulatory filing, OpenAI has been working closely with major investment banks, including Goldman Sachs and Morgan Stanley. These two prominent Wall Street firms have been assisting the artificial intelligence company with the preparation and submission of its confidential S-1 draft registration statement. Notably, Goldman Sachs and Morgan Stanley are also the two financial institutions listed at the top of SpaceX's recent filing, highlighting their central role in underwriting this wave of high-profile technology market debuts.