OpenAI, the creator of ChatGPT, is reportedly preparing for an initial public offering (IPO) that could value the company at as much as $1 trillion, according to three people familiar with the matter — potentially making it one of the largest IPOs in history.
Sources indicated that OpenAI could file with securities regulators as early as the second half of 2026, though some internal discussions point to a possible 2027 listing. The company is exploring raising around $60 billion or more, though figures and timing remain subject to change based on market conditions and business performance.
Chief Financial Officer Sarah Friar has suggested to associates that a 2027 debut is likely, while some advisers believe the company could go public as soon as late 2026.
An OpenAI spokesperson, however, downplayed speculation, saying, “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.”
IPO Plans Follow Major Restructuring
The move comes as OpenAI completes a major corporate restructuring designed to reduce its dependency on Microsoft and streamline its governance. An IPO would allow the company to raise capital more efficiently and pursue larger acquisitions using public stock — key to CEO Sam Altman’s ambitions to invest trillions of dollars in AI infrastructure.
OpenAI was founded as a nonprofit in 2015 and later adopted a hybrid model, allowing a for-profit subsidiary under nonprofit control. This week, the company restructured again: the nonprofit — now known as the OpenAI Foundation — retains a 26% stake in OpenAI Group and holds warrants for additional shares if certain milestones are achieved.
Financial Outlook
OpenAI is expected to reach an annualized revenue run rate of $20 billion by the end of 2025, although its losses are also increasing, according to insiders.
During a livestream on Tuesday, Altman acknowledged that going public is “the most likely path for us, given the capital needs that we’ll have.”
Backers and Market Context
A successful IPO would mark a significant win for investors such as SoftBank, Thrive Capital, and Microsoft, which holds a 27% stake in OpenAI following its $13 billion investment.
The company’s plans come amid a broader AI boom on Wall Street. Earlier this year, AI cloud firm CoreWeave went public at a $23 billion valuation and has since tripled in value. Meanwhile, Nvidia this week became the first company to hit a $5 trillion market cap, underscoring investor enthusiasm for artificial intelligence.
The Wall Street Journal was the first to report that OpenAI could pursue a public listing as early as 2027.
Disclaimer: This article is based on reports from multiple sources and may include forward-looking statements subject to change based on market and regulatory developments.
