OpenAI confidentially filed for a US IPO targeting up to $1 trillion valuation, joining Anthropic and SpaceX in the biggest AI public-market push yet. The move signals founders are ready to tap public capital for massive scaling after years of private growth.

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StepFun, a Chinese AI infrastructure startup, lined up a Hong Kong IPO aiming to raise $500 million at a $12 billion valuation. Its models already power 40 million smartphones and target a million vehicles via Geely,...