路透 - OpenAI秘密提交美国IPO申请,AI巨头纷纷赴公开市场

ChatGPT-maker OpenAI confidentially filed for a U.S. initial public offering on Monday, joining rival Anthropic in a push toward the stock market as investors seek exposure to the artificial intelligence boom.

ChatGPT开发商OpenAI周一秘密提交了美国IPO申请，与劲敌Anthropic一道瞄准公开市场，想在AI热潮里分一杯羹。

OpenAI did not disclose the size or terms of the offering, and said a timeline has not yet been determined. "It may be a while because there are things we want to do that are likely easier as a private company," it said in a statement.

OpenAI没有公布发行规模或条款，上市时间表也尚未确定。公司在声明中说："可能会拖上一段时间，有些事还在私营公司里做起来更顺手。"

Reuters had reported that the AI giant is targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September.

路透此前报道，这家AI巨头打算在最早9月上市，估值最高可达1万亿美元。

At that valuation, OpenAI would set the stage for a trio of trillion-dollar valuation companies debuting rapidly and is seen as the most consequential test of investor appetite for high-growth technology stocks in the recent decade.

若果真如此，OpenAI将同SpaceX等一起，拉开一批万亿美元公司密集上市的序幕，这也是近十年来市场对高增长科技股胃口的重磅试金石。

Elon Musk's SpaceX was the first off the block, filing for an IPO that would rank as the largest in history if completed, with the company pursuing a $75-billion offering at a $1.75-trillion valuation.

埃隆·马斯克的SpaceX已先一步行动，若最终成行，这笔750亿美元、估值1.75万亿美元的IPO或将成为史上最大规模发行之一。

OpenAI said earlier this year that it was raising $110 billion at an $840-billion valuation from a roster of heavyweight backers including SoftBank, Amazon and Nvidia. At the time, it also disclosed that ChatGPT had more than 900 million weekly active users and over 50 million consumer subscribers.

今年早些时候，OpenAI表示正以8400亿美元估值融资1100亿美元，软银、亚马逊、英伟达等巨头均已入局。公司当时还透露，ChatGPT每周活跃用户超过9亿，付费订阅用户逾5000万。

The IPO filing follows OpenAI renegotiating its partnership with Microsoft, one of its earliest investors, that allowed the AI pioneer to forge new partnerships with firms such as Amazon.com and Alphabet's Google unit. The Windows maker's early investment, totalling $13 billion since 2019, helped pave the way for OpenAI's rapid rise and powered growth at the software major's Azure cloud-computing business.

提交IPO申请前，OpenAI刚与微软重新调整了合作关系。微软是最早投资者之一，2019年以来累计投入130亿美元，既推一把OpenAI的飞升，也带动Azure云业务。调整后，OpenAI得以与亚马逊、谷歌等展开新的合作。

In March, OpenAI said it was generating $2 billion in monthly revenue and growing roughly four times faster than companies that defined the internet and mobile eras, including Alphabet and Meta. That compares with about $1 billion in quarterly revenue at the end of 2024.

3月，OpenAI称月营收已达20亿美元，增速约为Alphabet、Meta等互联网与移动互联网时代标杆公司的四倍。到2024年底，其季度营收还只有约10亿美元。

Yet, the industry OpenAI launched has quickly become crowded, with competitors including Anthropic racing to challenge its dominance as investors scrutinize whether the AI industry's meteoric rise can be sustained. While the blockbuster offerings could inject fresh momentum into the U.S. IPO market, some bankers warn it may also soak up capital that might otherwise flow to smaller deals.

不过，OpenAI带火的这条赛道已挤满对手，Anthropic等机构正抢份额，投资者也在追问AI狂飙能否持续。这些大体量IPO能给美国新股市场注入动能，一些银行家也提醒，它们可能把原本流向中小企业的资金吸走。

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