OpenAI Initiation 2026

Company Analysis

On 8 June 2026 OpenAI confirmed it had submitted a draft registration statement on Form S-1 to the SEC. The submission was confidential — it does not appear on EDGAR, and no part of it is public. So the company that may become one of the largest listings in history has never published a balance sheet, a cash flow statement, a cost of revenue, or an audited figure of any kind. This is a full institutional-grade equity research report on that company: nine structured chapters and 30 charts, where every single chart names the source that stated its numbers and the date it stated them, on the face of the figure.

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Inside the report

A few of the charts inside the full interactive report.

Chapter 1 · Introduction The Two Measures, Side by Side
Chapter 2 · History Post-Money Valuation by Round
Chapter 3 · Products & Platform ChatGPT Weekly Active Users
Chapter 4 · Business Model Compute and Run Rate, 2023–2025
Chapter 5 · Compute & Infrastructure Announced Compute Commitments
Chapter 6 · Governance & Microsoft Ownership of OpenAI Group PBC
Chapter 7 · Market & Competition Annualised Revenue Run Rate
Chapter 8 · Strategic Assessment Five Forces, as We Score Them

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