OpenAI is laying the groundwork for an initial public offering that could value the company at up to $1 trillion, making it one of the biggest IPOs of all time.
The company is considering filing with securities regulators as soon as the second half of 2026, reports Reuters, citing three people familiar with the matter.
In preliminary discussions, OpenAI has looked at raising $60 billion at the low end. Chief Financial Officer Sarah Friar has told some associates the company is aiming for a 2027 listing, though some advisers predict it could come in late 2026, the people said.
“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.”
A complex restructuring
The IPO preparations follow a complex restructuring this week that reduces its reliance on Microsoft. The company is still controlled by a nonprofit, now called the OpenAI Foundation, which holds a 26% stake in the OpenAI Group. Microsoft owns about 27% of the company.
An IPO would help finance CEO Sam Altman’s plans to invest heavily in AI infrastructure. During a livestream on Tuesday, Altman said: “I think it’s fair to say it is the most likely path for us, given the capital needs that we’ll have.”
The company, currently valued at $500 billion, has an annualised revenue run rate expected to reach about $20 billion by year-end, but losses are also reportedly mounting.
