According to informed sources, OpenAI has selected two law firms—Cooley and Wachtell Lipton Rosen & Katz—to prepare for a potential initial public offering that could launch as early as this year. Engaging legal counsel for IPO preparations represents one of the first substantive steps toward public listing for the ChatGPT developer, typically preceding other arrangements such as appointing investment banks. OpenAI is currently valued at $730 billion in its latest funding round, excluding a previously discussed $110 billion investment. Its public offering is poised to become one of the largest IPOs in history, potentially allowing retail investors to hold shares in this pioneering AI company. However, factors such as stock market sell-offs and geopolitical events could delay the IPO process. Companies sometimes retain lawyers years in advance of going public. In recent months, market anticipation has grown regarding potential listings by OpenAI and its competitor Anthropic. OpenAI executives have privately indicated that an IPO could occur as early as the fourth quarter of this year, with foundational work already underway. This process typically involves legal preparations and multiple rounds of discussions with securities regulators. On Wednesday, a key partner provided another clue about OpenAI’s IPO plans. NVIDIA CEO Jensen Huang, who is participating in OpenAI’s current $30 billion funding round, stated at a Morgan Stanley investment conference in San Francisco that a previously planned investment of up to $100 billion is unlikely to proceed, citing OpenAI’s impending public listing. Amazon has committed to an initial investment of $15 billion in this funding round and indicated it may invest an additional $35 billion in the coming months, contingent on specific conditions including the IPO. Both law firms selected by OpenAI are already handling some of its legal matters. New York-based Wachtell previously provided legal services for several OpenAI acquisitions, including last year’s $6.5 billion purchase of Jonathan Ive’s io products and the $1.1 billion acquisition of data analytics startup Statsig. Cooley is renowned for assisting technology companies like NVIDIA and Snowflake with IPO preparations. The Financial Times previously reported discussions between OpenAI and Cooley but did not confirm a formal selection. Meanwhile, Anthropic has reportedly hired Wilson Sonsini to prepare for a potential public listing.
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