OpenAI’s Trillion-Dollar IPO Gamble: $1 Trillion Valuation Target Set for 2026

Silicon Valley's AI darling aims for the biggest public offering in tech history—but can artificial intelligence really justify those Wall Street numbers?

The Valuation Question

OpenAI's projected $1 trillion market cap would dwarf most traditional tech IPOs, putting it in rarified air alongside Apple and Microsoft. The company's ChatGPT phenomenon sparked the current AI gold rush, but sustaining that momentum through 2026 requires more than just viral demos.

Timing the Market

With 2026 still over the horizon, OpenAI bets the AI revolution will mature faster than skeptics predict. The timeline gives them room to monetize enterprise contracts and developer platforms—because eventually, even world-changing technology needs to show revenue.

Wall Street's AI Fever

Bankers are already salivating over fees from what could be the decade's most hyped offering. Never mind that most investors still can't explain how transformer models work—the magic words 'generative AI' seem to be enough for now.

Reality Check

Remember when every blockchain startup was going to reinvent finance? Today's AI euphoria feels familiar—massive potential, questionable timelines, and Wall Street ready to package it all into neat little shares. The real test comes when markets eventually ask for actual profits, not just promises.

TLDR

• OpenAI is preparing for an IPO that could value the company at up to $1 trillion, potentially filing as soon as the second half of 2026
• The company plans to raise at least $60 billion in the offering, which would be one of the largest IPOs in history
• OpenAI recently completed a restructuring that converted it from a nonprofit to a public benefit corporation, with the nonprofit foundation retaining a 26% stake
• The company has an annualized revenue run rate of about $20 billion by year-end but is operating at a loss
• Microsoft owns approximately 27% of OpenAI after investing $13 billion, while other major investors include SoftBank, Thrive Capital, and Abu Dhabi’s MGX

OpenAI is laying the groundwork for an initial public offering that could value the artificial intelligence company at up to $1 trillion. Three people familiar with the matter told Reuters that the ChatGPT Maker is considering filing with securities regulators as soon as the second half of 2026.

BREAKING: OpenAI prepares for IPO targeting up to $1 trillion valuation, planning to raise at least $60 billion with a listing in 2027.

The company aims to file as soon as H2 2026. At $1 trillion, OpenAI WOULD enter public markets as one of the most valuable companies ever to… pic.twitter.com/nE58E7Qtz3

— WOLF (@WOLF_Financial) October 29, 2025

The company is looking at raising at least $60 billion in the IPO. Sources say the actual amount raised could be higher depending on business growth and market conditions.

Chief Financial Officer Sarah Friar has reportedly told associates the company is targeting a 2027 listing. However, some advisers believe the IPO could happen sooner, possibly in late 2026.

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

CEO Sam Altman addressed the IPO possibility during a Tuesday livestream. “I think it’s fair to say it is the most likely path for us, given the capital needs that we’ll have,” Altman said.

Recent Restructuring Paves the Way

OpenAI completed a major restructuring this week that changed its corporate structure. The company started as a nonprofit in 2015 and later created a for-profit arm overseen by the nonprofit.

Under the new structure, OpenAI operates as a public benefit corporation. The nonprofit, now called the OpenAI Foundation, holds a 26% stake in OpenAI Group. The foundation also has a warrant to receive more shares if the company hits certain milestones.

This restructuring reduces OpenAI’s dependence on Microsoft. The tech giant currently owns about 27% of OpenAI after investing $13 billion.

The IPO would allow OpenAI to raise capital more efficiently. It would also enable the company to make larger acquisitions using public stock.

OpenAI’s annualized revenue is expected to reach about $20 billion by year-end. The company is currently valued at $500 billion in private markets. However, sources say losses are mounting inside the company.

Major Investors Stand to Benefit

A successful IPO would benefit several major investors. SoftBank, Thrive Capital, and Abu Dhabi’s MGX all hold stakes in OpenAI. Microsoft remains one of the biggest backers with its 27% ownership.

The IPO preparations come as AI companies drive activity in public markets. AI cloud company CoreWeave went public earlier this year at a $23 billion valuation. Its stock has roughly tripled since the listing.

Nvidia reached a $5 trillion market value on Wednesday. The chip maker’s rally reflects its central role in the AI boom.

OpenAI spends more on marketing and equity options than it generates in revenue. This spending pattern suggests the company needs fresh capital to sustain its operations. The company is pouring money into building more computing power, an effort expected to require tens of billions in investment.