June 12, 2026 · 11 min read
OpenAI Filed Too: The $852B IPO, the Price War, and Who Actually Gets the Discount
OpenAI confidentially filed its S-1 June 8 (Goldman/MS/JPM, September window, $730-852B reported) - days after Anthropic - and the WSJ says it is weighing drastic price cuts for the coming war over coding workloads. The buyer analysis: why the threat is credible (the 80% o3 cut precedent), why price wars only pay portable workloads with evals and routing, why unmetered volume eats any discount, what the dual public S-1s will settle in late summer, and the four-week playbook.
Read →