OpenAI's $852B IPO filing trails Anthropic as compute costs squeeze margins

openai confidentially submitted a form s-1 to the sec, marking a key step in its ipo process just a week after rival anthropic did the same. the filing pits the $852 billion openai against the $965 billion anthropic in a race for public capital. internally, cfo sarah friar has reportedly clashed with ceo sam altman over the move, citing missed revenue targets and the burden of planned compute spending. altman defended the adjusted $600 billion infrastructure budget, down from an initial $1.4 trillion, as necessary to stay competitive. the ipo timing follows the musk v. altman trial verdict and precedes spacex's planned $80 billion public debut.