🍭 OpenAI Just Filed For Its IPO 💵

Good morning. Somewhere in San Francisco, a lawyer is currently writing an SEC filing explaining how an AI company could both save humanity and accidentally destroy it.

Corporate poetry.

Let’s dive in 👇

🍭 What’s Cookin’:

• OpenAI’s trillion-dollar IPO begins

• Anthropic turns profit (finally)

• GitHub got hacked. Bad.

• OpenAI might’ve cracked old math

OpenAI’s
💵 Trillion-Dollar S-1 Is Here

The Bite:

OpenAI has confidentially filed a draft IPO prospectus with the Securities and Exchange Commission (SEC), along with Goldman Sachs and Morgan Stanley leading the process.

The company is targeting a public listing in Q4 2026, potentially as early as September.

OpenAI's last private round closed at an $852 billion valuation in March, and the IPO is being shaped around a valuation of up to $1 trillion.

The confidential filing gives OpenAI months of private SEC review before becoming public. Sam Altman told staff this week that filing is not the same as being ready to go public.

Snacks:

• OpenAI generated nearly $6B in Q1 2026 revenue but remains deeply unprofitable, losing roughly $1.22 for every $1 earned.

• Microsoft owns ~27% of the new public benefit corporation; the OpenAI Foundation holds ~26%.

• Greg Brockman testified his holdings are worth nearly $30B.

• The filing lands days after SpaceX publicly circulated its own S-1, setting up a dueling-IPO race between Altman and Musk.

• OpenAI reportedly missed internal revenue and user growth targets earlier this year as Anthropic and Google gained share.

Why it Bites:

The interesting part beyond S-1 is what it forces into the open.

For years, OpenAI has operated in a financial fog, with restructuring announcements timed to fundraising rounds, compute costs disclosed to investors but never to the public.

A confidential filing delays scrutiny, but it doesn't eliminate it.

Once the public S-1 drops, we'll see actual margins, actual burn, actual unit economics on every token ChatGPT serves. And OpenAI will have to write, in its own words, a risk section explaining that its technology might “pose existential threats to humanity.”

That's a fascinating document to hand to a pension fund manager.

Meanwhile, Anthropic just posted its first-ever operating profit and is eyeing its own IPO later this year.

Those two filings turns AI's two biggest companies into directly comparable investments for the first time.

Whoever's S-1 looks healthier sets the valuation ceiling for the entire industry.

The fog is lifting, and not everyone will look better in the light.

Steal This Prompt
👔 Gravity Fashion Editorial

Turn a full outfit into a floating fashion spread where the clothes hang in perfect worn position around an invisible body, complete with label callouts, serif headlines, and luxury-lookbook energy.

Use it to:

• Launch a clothing drop without booking a full shoot

• Mock up editorial lookbooks for brand concepts

• Turn styled outfits into campaign-ready fashion visuals

Workflow:

1. Hit this link: Gravity Fashion Editorial

2. Paste into your AI model

3. Replace the #s with your outfit, fabrics, colors, and mood

4. Watch it cook into a levitating fashion campaign your creative director will pretend they “already had in mind”

   Try this prompt on Snack Prompt

_ToolBox™
🧰 5 BRAND NEW AI LAUNCHES

🤖 Yansu
Watches how your team actually works, then quietly turns repeated chaos into software. Like if your ops manager learned to code after three cold brews.

🎼 Orchestria
AI music gen, but with stem-by-stem control. Regenerate drums without nuking the whole track. Finally, music AI with commitment issues.

🧪 LLMTest
One API to route, optimize, and fallback between 300+ LLMs. For devs tired of their AI stack randomly faceplanting mid-demo.

💻 Pi Coding Agent
A terminal-native coding agent you can actually customize. Less “here’s the workflow,” more “build your own weird little coding gremlin.”

🔎 Rixx
Search, ask, analyze files, generate visuals, then turn the whole rabbit hole into a report. Perplexity if it stopped ghosting you after the answer.

_{Everything Else}
🧠 You Need to Know

📄 OpenAI Files Confidential IPO Prospectus With SEC
→ Goldman Sachs and Morgan Stanley are leading the process, targeting a Q4 2026 listing at a valuation between $852B and $1T.

📈 Anthropic Projects $10.9B in Q2 Revenue, First-Ever Profit
→ The company expects $559M in operating profit for the June quarter, more than doubling Q1 revenue of $4.8B as compute costs drop from 71 to 56 cents per revenue dollar.

⚡ NextEra To Acquire Dominion Energy For $67B
→ The all-stock deal creates the world's largest regulated electric utility, combining NextEra's renewables portfolio with Dominion's Virginia data center market to serve 10M customers across four states.

🔓 GitHub Confirms 3,800 Internal Repos Stolen
→ Threat group TeamPCP compromised an employee device through a malicious VS Code extension and is selling the exfiltrated source code for at least $50,000.

🧠 OpenAI Model Disproves 80-Year-Old Erdős Geometry Conjecture
→ An internal reasoning model produced an original proof on the unit distance problem, independently verified by leading mathematicians, seven months after a similar claim was debunked.