OpenAI is preparing for an initial public offering that could value the company at up to $1 trillion, according to Reuters. Three people familiar with the matter said the ChatGPT maker is considering filing with securities regulators as soon as the second half of 2026. The move would mark one of the biggest IPOs in history.
Fundraising Plans and Timeline
In early discussions, OpenAI has looked at raising $60 billion at the low end and likely more. Chief Financial Officer Sarah Friar has told some associates the company is aiming for a 2027 listing. But some advisers predict it could come around late 2026. The talks are early and plans could change based on business growth and market conditions.
An OpenAI spokesperson said the company is not focused on an IPO and has not set a date. The company is building a durable business and advancing its mission so everyone benefits from artificial general intelligence. CEO Sam Altman addressed the possibility during a livestream on Tuesday. He said going public is the most likely path given the capital needs the company will have.
Restructuring and Financial Picture
The IPO preparations follow a major restructuring that reduces OpenAI’s reliance on Microsoft. The company is now controlled by a nonprofit called the OpenAI Foundation. The nonprofit holds a 26 percent stake in OpenAI Group and a warrant to receive more shares if certain milestones are hit.
Revenue and Investor Stakes
OpenAI expects its annualized revenue run rate to reach about $20 billion by year-end. Losses are also mounting inside the $500 billion company. A successful offering would benefit investors such as SoftBank, Thrive Capital and Abu Dhabi’s MGX. Microsoft owns about 27 percent of the company after investing $13 billion.
An IPO would enable more efficient capital raising and larger acquisitions using public stock. This would help finance Altman’s plans to pour trillions of dollars into AI infrastructure. The move comes as AI drives a surge in public markets. Nvidia recently became the first company to reach a $5 trillion market value.
