Data center expenses are a major weakness; IPO fundraising is likely to continue pouring money into building computing power.

OpenAI plans to submit a confidential IPO application, with a potential listing as early as September. The timeline remains flexible, and the prospectus may be submitted as soon as this week, with Goldman Sachs and other investment banks assisting. Altman stated that whether to go public depends on market and other factors. After winning a lawsuit against Musk, they still need to address concerns about revenue and data center expenses. Market forecasts show a very low probability of going public before August, about 42% before September, and approximately 72% by the end of the year.