OpenAI lays groundwork for juggernaut IPO at up to US$1 trillion valuation
With an annualised revenue run rate expected to reach about US$20 billion by year-end, losses are also mounting inside the company
OpenAI is laying the groundwork for an initial public offering that could value the company at up to US$1 trillion, three people familiar with the matter said, in what could be one of the biggest IPOs of all time.
OpenAI is considering filing with securities regulators as soon as the second half of 2026, some of the people said. In preliminary discussions, the company has looked at raising US$60 billion at the low end and likely more, the people said.
They cautioned that talks are early and plans – including the figures and timing – could change depending on business growth and market conditions. Chief Financial Officer Sarah Friar has told some associates the company is aiming for a 2027 listing, the people said. But some advisers predict it could come even 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 signal a new urgency inside the ChatGPT maker to tap public markets now that a complex restructuring is complete that reduces its reliance on Microsoft. An IPO would open the door to more efficient capital raising and enable larger acquisitions using public stock, helping to finance CEO Sam Altman’s plans to pour trillions of dollars into AI infrastructure, according to people familiar with the company’s thinking.