OpenAI Prepares for Potential USD 1 Trillion Public Listing

OpenAI is preparing for a potential initial public offering that could value the artificial intelligence company at up to USD 1 trillion, according to three people familiar with the matter. This move could mark one of the largest IPOs ever, as the company anticipates an annualised revenue run rate reaching approximately USD 20 billion by year-end.

The company is considering filing with securities regulators as soon as the second half of 2026, sources said. Some advisers predict a listing could occur around late 2026, though Chief Financial Officer Sarah Friar has told associates the company aims for a 2027 listing.

In preliminary discussions, OpenAI has explored raising USD 60 billion at the low end, and likely more. Sources cautioned that these talks are early, and plans may change based on business growth and market conditions.

An OpenAI spokesperson stated, "An IPO is not our focus, so we could not possibly have set a date." The spokesperson added that the organisation is "building a durable business and advancing our mission so everyone benefits from AGI."

The IPO preparations signal an urgency to access public markets after a complex restructuring reduced reliance on Microsoft. A public listing would facilitate more efficient capital raising and larger acquisitions using public stock.

This would help fund Chief Executive Officer Sam Altman’s plans to invest trillions of USD into AI infrastructure. Altman previously stated that going public is the "most likely path" given the company’s capital needs.

While the company expects an annualised revenue run rate of about USD 20 billion by year-end, losses are also accumulating within the USD 500 billion organisation.

OpenAI was founded as a non-profit organisation in 2015. It later restructured, placing the non-profit in oversight of its for-profit arm to prioritise safe AI development. This week, the organisation underwent another revamp.

The non-profit, now named the OpenAI Foundation, retains control and holds a 26% stake in OpenAI Group. It also possesses a warrant for additional shares if the company achieves specific milestones, making it a significant financial stakeholder.

A successful offering would benefit major investors, including SoftBank, Thrive Capital, and Abu Dhabi’s MGX. Microsoft, a primary backer, owns about 27% after investing USD 13 billion.

These deliberations occur amid a surge in public markets driven by artificial intelligence. CoreWeave, an AI cloud company, went public earlier this year at a USD 23 billion valuation and has since roughly tripled.

Nvidia recently became the first company to reach a USD 5 trillion market value, propelled by its central role in the global AI boom. The Wall Street Journal previously reported on OpenAI’s potential public offering as early as 2027.

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• OpenAI is preparing for a potential initial public offering, with a possible valuation of up to USD 1 trillion.

• The company is considering filing with regulators as early as the second half of 2026, with a target listing date around 2027.

• OpenAI aims to raise at least USD 60 billion, facilitating investments in AI infrastructure.

Source: SCMP