{"text":[[{"start":11.45,"text":"OpenAI has filed for a blockbuster initial public offering that could value the ChatGPT creator at more than $1tn as it races rival Anthropic to list on Wall Street."}],[{"start":22.6,"text":"The group said on Monday that it had confidentially submitted a draft IPO prospectus to the US Securities and Exchange Commission, formally kicking off the process for one of the year’s most hotly anticipated debuts."}],[{"start":35.650000000000006,"text":"OpenAI’s listing announcement comes days before SpaceX is set to IPO in a deal that could raise a record $86bn and value Elon Musk’s rockets-to-AI conglomerate at $1.78tn. Claude maker Anthropic, which was recently valued at $900bn, filed its IPO paperwork last week. "}],[{"start":55.7,"text":"The trio of giant Wall Street listings comes at a time of intense enthusiasm among investors over AI, which has helped propel US stocks to a series of record highs but also prompted worries that markets are overheating."}],[{"start":69.35000000000001,"text":"OpenAI’s IPO will mark a test of investors’ appetite for a company posting booming revenue growth but also huge losses that are forecast to continue for years as it spends vast sums on data centres and other infrastructure."}],[{"start":83.05000000000001,"text":"It said in a statement on Monday that it had not “decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company”. "}],[{"start":93.95000000000002,"text":"“But it’s a complicated set of trade-offs and this gives us the option to go public sooner if that ends up being best,” it added. "}],[{"start":101.85000000000002,"text":"The ChatGPT maker also planned to launch an employee share sale ahead of going public at its current $852bn price tag, according to people familiar with the matter. One said OpenAI’s decision to announce its confidential filing was intended to give employees who were considering selling shares “transparency” about the upcoming IPO."}],[{"start":122.30000000000003,"text":"US tech groups often file IPO paperwork privately, keeping their financial figures out of the public eye while the SEC reviews documents. That allows start-ups to gauge investor demand, make revisions and sometimes scrap IPO plans without broader scrutiny."}],[{"start":138.50000000000003,"text":"OpenAI is investing heavily in AI research to compete with rivals including Google and Anthropic, as well as to expand the computing capacity needed to serve ChatGPT’s 900mn users."}],[{"start":151.00000000000003,"text":"The San Francisco-based company’s move to progress its listing plans received a boost after a California court last month threw out Musk’s legal case against OpenAI and its chief Sam Altman. "}],[{"start":163.20000000000002,"text":"It also comes as it holds discussions with Donald Trump, which could see the US government take a stake in OpenAI and other AI labs. "}],[{"start":171.95000000000002,"text":"OpenAI had been working with bankers at Goldman Sachs and Morgan Stanley and lawyers at Cooley for the past few months, people familiar with its preparations previously told the FT. Monday’s filing sets OpenAI on a path to start trading as early as the autumn, they said. "}],[{"start":188.75000000000003,"text":"It is already one of the world’s most valuable private companies, after closing a record funding round of up to $122bn in March. As part of that deal it raised $3bn from retail investors, who will be given a wider opportunity to invest in the start-up when it becomes publicly traded. "}],[{"start":213.95000000000005,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780964985_7287.mp3"}