OpenAI prepares for historic IPO targeting $1 trillion valuation

By Al Mayadeen English
Source: Agencies
Today 14:46

OpenAI is preparing for a potential IPO as early as 2026, aiming for a valuation up to $1 trillion, reflecting growing AI investment and demand.

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Sam Altman, co-founder and chief executive officer, OpenAI, listens to testimony during a Senate Committee on Commerce, Science, and Transportation hearing, Thursday, May 8, 2025, in Washington. (AP Photo/Kevin Wolf)

OpenAI is laying the groundwork for an initial public offering (IPO) that could value the artificial intelligence firm at up to $1 trillion, according to sources familiar with the matter. If realized, the listing would rank among the largest IPOs in history.

According to Politico and The Wall Street Journal, OpenAI is considering filing with securities regulators as early as the second half of 2026. Preliminary discussions have focused on raising at least $60 billion, though that figure may rise depending on business performance and market conditions.

Sources indicated that Chief Financial Officer Sarah Friar has told associates that OpenAI is targeting a 2027 listing, while some advisors believe the IPO could come as early as late 2026.

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

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Timeline and capital goals emerge from early discussions

While no final decision has been made, insiders say that a public listing would enable OpenAI to raise capital more efficiently and pursue larger acquisitions. The move follows a significant internal restructuring designed to reduce the company’s dependence on Microsoft and improve governance structures.

CEO Sam Altman has previously said that trillions of dollars in investment will be needed to develop AI infrastructure capable of supporting the company’s long-term ambitions. With an annual revenue run rate expected to hit $20 billion by the end of the year, OpenAI’s growing losses are seen as a key factor behind the IPO planning.

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

Sam Altman: Public offering 'most likely path'

Founded in 2015 as a nonprofit, OpenAI transitioned to a capped-profit structure in 2019 to attract commercial investment. This week, the company underwent a further overhaul. It is now overseen by the OpenAI Foundation, which holds a 26% stake in OpenAI Group and has the right to receive more shares if key milestones are reached.

The new structure aligns the nonprofit’s interests with the financial performance of the company, reflecting a growing focus on monetizing AI advancements while maintaining oversight.

A successful IPO would mark a major win for OpenAI’s investors, which include Microsoft, SoftBank, Thrive Capital, and Abu Dhabi’s MGX. Microsoft, having invested $13 billion, currently holds around 27% of the company.

Corporate restructuring positions OpenAI for market entry

The IPO deliberations come amid a broader wave of AI investment in public markets. Earlier this year, AI cloud company CoreWeave debuted at a $23 billion valuation, and chipmaker Nvidia recently became the world’s first $5 trillion company, both powered by rising demand for artificial intelligence.

OpenAI’s restructuring is expected to position the company more favorably in the eyes of public investors, while also solidifying internal control frameworks.

As the AI sector continues to attract historic levels of investment, OpenAI’s potential listing is being closely watched by global markets. A $1 trillion valuation would place it among the most valuable technology companies in the world and significantly increase pressure on competitors to scale rapidly.