OpenAI has built an AI legal drafting system capable of producing a full IPO prospectus, the S-1 filing that traditionally eats hundreds of billable hours, in a matter of minutes. The reveal lands as legal automation accelerates fast: Cooley rolled out an AI tool this week that drafts an initial S-1 in minutes, and Goldman Sachs CEO David Solomon said back in January 2025 that AI can already handle 95% of an IPO prospectus. Investment banks and law firms are now racing to fold the tech into live deal work.
⚡ Fast Takeaways:
- Core Update: OpenAI's AI lawyer drafts complete IPO prospectuses (S-1 filings) in minutes, work that typically takes legal teams days or weeks.
- Key Metrics: Goldman's CEO put AI's prospectus coverage at 95% as early as January 2025. Cooley now ships an S-1 drafting tool measured in minutes, not weeks.
- Access & Availability: Enterprise and legal-sector deployments are the near-term path, with Big Law and investment banks first in line.