San Francisco, June 7, 2026, 10:08 PDT
OpenAI is getting ready for the most significant shakeup of ChatGPT since its debut in 2022, according to the Financial Times. The company is reportedly aiming to transform ChatGPT into a wider “superapp” packed with coding features and AI agents, a move coming ahead of a potential IPO. AI agents, unlike simple chatbots, are able to perform actual tasks on users’ behalf. Reuters was unable to confirm the report, and OpenAI did not return a request for comment. Reuters
It comes down to timing. The buzz around artificial intelligence has given way to a tougher question for investors: Can the firms pushing out the most advanced models actually convert all that spending on chips, data centers, and top talent into reliable profit?
A stock market debut would require OpenAI to open its books further. Back in May, Reuters said the ChatGPT developer was getting ready to file confidentially for a U.S. IPO in the next few weeks, with an eye on hitting the market as soon as September. Sources also told Reuters that Goldman Sachs and Morgan Stanley were involved in assembling a draft prospectus.
OpenAI is planning a redesign that puts Codex—its coding tool—front and center, and pushes users toward features like coding, image creation, and integrations with partners like Canva and Booking.com, the FT said, as cited by Reuters. Users should start noticing these updates on ChatGPT’s website and mobile apps within the next few weeks.
The numbers stack up. According to the FT, paying customers make up the bulk of Codex users, and 2 million businesses now generate about 40% of OpenAI’s revenue—a figure the company expects will hit 50% by year-end. Earlier this year, OpenAI put ChatGPT’s weekly active users at over 900 million, with consumer subscribers above 50 million.
This also tightens the rivalry with Anthropic. The maker of Claude disclosed on June 1 that it had confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed IPO, opening the door to a public listing after SEC review. Details around share count and pricing are still undecided.
“By moving soon after SpaceX, Anthropic is jumping on robust demand for AI and growth names while market conditions are still good,” Kat Liu, vice president at IPOX, said to Reuters. She noted Anthropic’s IPO price goals seemed “far less aggressive” compared to SpaceX—an easier sell than they’d be standing alone. Reuters
PitchBook senior analyst Harrison Rolfes offered a contrasting view. Speaking to Reuters, Rolfes said Anthropic “seized the narrative advantage by filing first” but pointed out the company also “volunteered to absorb all the disclosure risk first,” effectively letting OpenAI watch how investors respond to audited frontier AI financials. Reuters
SpaceX is ratcheting up the pressure. Elon Musk’s rocket and satellite outfit announced Friday a multi-year cloud deal with Alphabet’s Google, Reuters reported. Google is set to pay $920 million each month starting in October, running through June 2029, following in the footsteps of Anthropic as another AI client. The move comes as SpaceX eyes a $75 billion IPO.
OpenAI has a different challenge than SpaceX. Yes, its user base is huge, but when public investors come in, they’ll be less interested in raw usage than in what’s left after compute expenses, model-building outlays, and the impact of revenue-sharing arrangements. Audited IPO financials haven’t been disclosed by the company.
Pydantic CEO Samuel Colvin told Business Insider the rivalry between OpenAI and Anthropic is no longer just about who has the best model. “Now, when one assumes they’re both trying to IPO, their profit margin becomes really important,” he said. Business Insider
But that’s where the risk lies. Some business buyers are wary of being locked into a single AI ecosystem. Business Insider pointed to Walmart’s internal “Code Puppy” platform—which can toggle between models from OpenAI, Anthropic, Google, and others—as evidence that major clients want options and are looking to ease up on token expenses. Business Insider
OpenAI CEO Sam Altman wants more time. Following Anthropic’s filing, he told CNBC he isn’t concerned about when OpenAI might go public, according to Reuters—he said they’ll IPO if and when it makes sense. As it stands, there’s no IPO paperwork in sight, just a new ChatGPT look aimed at drawing more paying users onto OpenAI’s platform.
On May 20, Forbes, referencing The Wall Street Journal, said OpenAI might file for an IPO that same week, eyeing a public listing in September. But more recently, OpenAI has shifted focus—now it’s about defining exactly what it plans to offer investors on Wall Street, instead of just floating possible timing.
