SAN FRANCISCO: OpenAI is preparing for an initial public offering that could value the company at up to $1 trillion, according to three people familiar with the matter, in what could become one of the largest listings in history.
The ChatGPT maker is considering filing with US securities regulators as soon as the second half of 2026, the sources said. Preliminary discussions have focused on raising at least $60 billion, though details and timing could shift depending on market conditions and business growth.
Chief Financial Officer Sarah Friar has told some associates the company is targeting a 2027 listing, though advisers say it could come 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.”
The IPO preparations come as OpenAI moves to reduce its reliance on Microsoft following a major corporate restructuring. The new structure, completed this week, keeps control under a nonprofit—now called the OpenAI Foundation—which holds a 26% stake in OpenAI Group and may receive additional shares if milestones are met.
An IPO would give the company greater access to capital markets and enable stock-based acquisitions, helping fund CEO Sam Altman’s vision to invest trillions of dollars in AI infrastructure.
With annualized revenue projected to reach $20 billion by year-end, OpenAI’s losses are also growing, the sources said. During a livestream on Tuesday, Altman acknowledged that going public was the “most likely path” given the company’s vast capital needs.
A successful offering would mark a major milestone for investors including SoftBank, Thrive Capital, and Abu Dhabi’s MGX. Microsoft, one of OpenAI’s largest backers, owns about 27% of the company following a $13 billion investment.
The discussions come amid a booming AI market. Earlier this year, AI cloud company CoreWeave went public at a $23 billion valuation, tripling since its debut. On Wednesday, Nvidia became the first company to reach a $5 trillion market capitalization, underscoring investor enthusiasm for the sector.
The Wall Street Journal earlier reported that OpenAI could go public as soon as 2027.— Reuters
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