OpenAI Plans $1 Trillion IPO in Historic Market Move

Key Takeaways

• OpenAI is preparing for a potential $1 trillion IPO, one of the largest ever.
• The company could file as early as late 2026, targeting a 2027 listing.
• Preliminary discussions involve raising at least $60 billion.
• The move follows a major restructuring that reduces reliance on Microsoft.

OpenAI is laying the groundwork for a historic initial public offering that could value the artificial intelligence giant at up to $1 trillion, according to sources familiar with the matter. This would position it as one of the largest IPOs of all time.

IPO Timeline and Financial Targets

OpenAI is considering filing with securities regulators as soon as the second half of 2026. Preliminary discussions have looked at raising a minimum of $60 billion, with the final figure likely being higher. However, sources caution that these plans are early and could change based on business growth and market conditions.

CFO Sarah Friar has indicated a target for a 2027 listing, though some advisers predict it could happen sooner, around late 2026.

“An IPO is not our focus, so we could not possibly have set a date,” an OpenAI spokesperson said. “We are building a durable business and advancing our mission so everyone benefits from AGI.”

Strategic Shift and Capital Needs

The IPO preparations signal a new urgency for the ChatGPT maker to access public markets, especially after completing a complex restructuring that reduces its reliance on . A public listing would enable more efficient capital raising and facilitate larger acquisitions using public stock. This is crucial for financing CEO Sam Altman’s ambitious plans to invest trillions into AI infrastructure.

Despite an annualised revenue run rate expected to hit about $20 billion by year-end, the company is also facing mounting losses.

During a livestream, Altman said, “I think it’s fair to say it is the most likely path for us, given the capital needs that we’ll have.”

OpenAI’s Evolving Structure

Founded as a nonprofit in 2015, OpenAI later created a for-profit arm overseen by the original nonprofit to ensure AI was developed safely. In a recent revamp, the company is still controlled by the nonprofit, now called the OpenAI Foundation, which holds a 26% stake in OpenAI Group. This structure makes the nonprofit a significant stakeholder in the company’s financial success.

Investor Windfall and Market Context

A successful IPO would be a major win for investors like SoftBank, Thrive Capital, and Abu Dhabi’s MGX. Microsoft, one of its biggest backers with a $13 billion investment, now owns about 27% of the company.

The deliberations occur amidst an AI-driven surge in public markets. AI cloud company CoreWeave has tripled since its IPO this year, and Nvidia recently became the first company to reach a $5 trillion market value.

The Wall Street Journal first reported on the possibility of an OpenAI public offering as early as 2027.