OpenAI eyes September IPO + Gemini-built ads land in Google AI Mode

According to the Wall Street Journal, OpenAI is preparing to file confidentially with the SEC within days and could list publicly as soon as September, with Goldman Sachs and Morgan Stanley leading the underwriting. The move arrives alongside Elon Musk's recently-resolved suit against the company and a parallel SpaceX IPO filing, setting up a head-to-head financial event between two of the year's most-watched offerings. Valuation and float details have not yet been disclosed.

Google announced four new Gemini-built ad formats for its AI Mode and AI Overviews surfaces: Conversational Discovery ads that respond to user questions, Highlighted Answers within AI-generated lists, Gemini-authored Shopping product explainers, and "Business Agent" chatbots that live inside ads. The formats roll out over the coming months and are exposed primarily through Performance Max, AI Max for Search, and AI Max for Shopping campaigns. The announcement formalizes ads as a revenue layer atop the agentic-search interface Google has been beta-testing for two years.

Nvidia reported $81.6 billion in revenue for the quarter ending April 26, a 20% sequential jump, with data-center revenue at a record $75.2 billion. The earnings disclosure also surfaced $43 billion in non-marketable startup equity — nearly double the prior quarter — including a previously-undisclosed []0 billion commitment to OpenAI. On the call, Jensen Huang positioned the new Vera CPU as a "brand new toolIds: 00 billion total addressable market" built for autonomous-acting agents.

Per SpaceX's S-1 filing, Anthropic will pay xAI $1.25 billion per month for 300 megawatts of capacity at the Colossus 1 data center in Memphis, running through May 2029 — a contract worth over $40 billion. xAI burned $6.4 billion last year and Grok usage has dropped sharply, leaving the lab with excess capacity it is now monetizing by selling to a direct competitor. The arrangement underscores how blurred the line between rival AI labs and their cloud-supplier parents has become.

Anthropic told investors it expects to post an operating profit in the second quarter, with revenue projected to roughly double the prior quarter to about $10.9 billion. The driver is sustained enterprise adoption — new small-business and law-firm offerings alongside the existing KPMG, PwC, and Gates Foundation partnerships — though the company cautioned that profitability may not hold across the year given continued compute-spend commitments. If the forecast lands, Anthropic would be the first frontier lab to clear that bar.

Stability AI released Stable Audio 3.0, a four-model family for music generation, with the medium and large variants rendering compositions up to six minutes and twenty seconds. Three variants ship with open weights; the large model is API or self-hosted with a paid license required above one million dollars in revenue. The company emphasizes the training data is fully licensed through deals with Warner Music Group and Universal Music Group — a deliberate contrast with Suno and Udio, both of which face major-label copyright suits.

OpenAI says a new general-purpose reasoning model discovered a counterexample to a 1946 Paul Erdős conjecture about optimal unit-distance configurations, a problem mathematicians had assumed was solved by the obvious square-grid construction. Mathematicians Noga Alon, Melanie Wood, and Thomas Bloom reviewed the result and published companion remarks endorsing the disproof. The claim arrives seven months after OpenAI's previous Erdős announcement was shown to be a misrepresentation of prior literature, so the named verifications matter.