Anonymous5 days ago
OpenAI confidentially filed its S-1 with the SEC in May 2026, targeting a public listing at a valuation above $1 trillion — despite reporting a negative 122% operating margin and projected losses of $14 billion for the year. The filing raises fundamental questions about whether public market pressures are compatible with AI safety commitments, how retail investors will fare alongside entrenched institutional backers, and whether OpenAI's competitive moat can survive the rapid convergence of open-weight models.