SAN FRANCISCO, June 7, 2026, 11:02 PDT
- The Financial Times says OpenAI is gearing up for a major ChatGPT overhaul, bringing coding features, AI agents, and external services straight into the main platform.
- OpenAI is gearing up for a possible IPO, sources say, just as Anthropic has already submitted confidential paperwork for a U.S. listing.
- Timing is the wildcard here—a flood of AI-related shares hitting the market may stretch the capacity of new equity investors.
OpenAI is looking to revamp ChatGPT, pushing for a sweeping transformation that would make the chatbot a “superapp” catering to coding, AI agents, and partner services, according to a report from the Financial Times on Sunday. The firm appears to be refining its message ahead of a potential stock-market debut. Reuters wasn’t able to independently verify the story, and OpenAI did not respond right away to a request for comment. Reuters
Timing’s key here. OpenAI isn’t simply pitching a future breakthrough anymore; now, it’s out to convince public-market investors that ChatGPT has legs as a broader paid software platform—one aimed at businesses.
The first public sale of a company’s shares—an IPO—marks its debut with outside investors. Back in May, Reuters said OpenAI was getting ready to quietly file IPO paperwork in the U.S. within weeks. The ChatGPT developer was eyeing a September listing, enlisting Goldman Sachs and Morgan Stanley for help on a draft prospectus.
OpenAI is set to push Codex, its coding tool, closer to the spotlight, starting with changes to ChatGPT’s web and mobile platforms, according to the FT. Codex, described by OpenAI as a cloud-based software engineering agent, can write new features, troubleshoot code, answer technical queries, and even draft pull requests for review.
AI agents go beyond simply responding to queries—they can handle multi-step tasks for users. According to the FT, OpenAI is revamping ChatGPT to push users toward features like coding tools, image generation, and integrated partner services including Canva and Booking.com.
The revenue battle’s front lines are shifting too. According to the FT, most people using Codex are actually paying for it. OpenAI, for its part, told Reuters that 2 million businesses make up around 40% of its revenue—expected to hit 50% by year’s end. ChatGPT now sees weekly active users topping 900 million, and consumer subscribers have crossed the 50 million mark, as OpenAI confirmed earlier this year.
Reuters said in May that OpenAI carried a $852 billion valuation after pulling in $122 billion earlier this year. The company has also begun preparing for a potential offering that, according to Reuters, could fetch a valuation as high as $1 trillion, with early talks pointing to a possible $60 billion raise at minimum.
Rivalry is heating up over products and launch schedules. Anthropic, the company behind Claude and its coding assistant Claude Code, filed confidentially for a U.S. IPO on June 1, Reuters reported, not long after a funding round set its valuation at $965 billion—outpacing OpenAI by that metric.
“For OpenAI, the typical takeaway is Anthropic just grabbed the narrative edge by moving first,” Harrison Rolfes, a senior analyst at PitchBook, told Reuters. He pointed out Anthropic is also absorbing the initial disclosure risk, potentially letting OpenAI gauge institutional investor response ahead of setting its own terms. Reuters
Kat Liu, vice president at IPO research firm IPOX, noted after the May Reuters report that Elon Musk’s legal issue getting settled had “removed a major obstacle” for an OpenAI IPO, probably giving the company the green light to move faster. She added that if both companies filed at the same time, portfolio managers would have to weigh OpenAI directly against SpaceX. Reuters
The window might not stay open for long. A Bloomberg piece, highlighted by Fortune on Sunday, pointed to upcoming IPOs from SpaceX, Anthropic, and OpenAI that could inject nearly $4 trillion in market cap onto U.S. exchanges in the next few months. That’s set off questions about whether there’s enough investor appetite to take in that much new equity at hefty prices. “This is something that we haven’t seen in such a scale and in such a short time,” said Ano Kuhanathan, head of corporate research at Allianz Trade. Fortune
The schedule for OpenAI’s potential IPO remains up in the air. Chief Executive Sam Altman told CNBC—after Anthropic’s filing, Reuters notes—that he isn’t thinking about IPO timing right now. OpenAI, he said, will only go public when it makes sense.
