Artificial intelligence giant OpenAI is preparing for a potential initial public offering (IPO) that could value the company at up to US$1 trillion, according to people familiar with internal discussions. If successful, it would be among the largest IPOs in global history.
The company is considering filing with securities regulators by the second half of 2026, though discussions are still in early stages. Preliminary estimates suggest OpenAI could look to raise at least US$60 billion, with the final amount depending on business growth and market conditions.
While no final timeline has been set, Chief Financial Officer Sarah Friar has reportedly indicated a possible 2027 listing, though some advisers believe it could happen sooner, possibly by late 2026.
An OpenAI spokesperson stated that an IPO is not currently the company’s primary focus, emphasizing that the organization is dedicated to building a sustainable business and advancing its mission to make artificial general intelligence (AGI) beneficial for everyone.
The company’s internal restructuring earlier this year reduced its reliance on Microsoft, paving the way for more independent operations and greater access to public markets. A public listing would enable OpenAI to raise funds more efficiently and pursue large scale acquisitions, supporting CEO Sam Altman’s ambitious plans to invest trillions of dollars in AI infrastructure.
OpenAI’s annualized revenue run rate is expected to reach around US$20 billion by the end of 2025, although losses are also said to be increasing. During a recent livestream, Altman noted that going public was “the most likely path” for the company given its future capital requirements.
Founded in 2015 as a non-profit, OpenAI later adopted a hybrid structure where the non-profit retained oversight of its for-profit arm to ensure that AI development remains safe and ethically guided. In its latest restructuring, the OpenAI Foundation now controls a 26% stake in OpenAI Group, with provisions to acquire more shares if certain goals are achieved.
Major investors such as SoftBank, Thrive Capital, and Abu Dhabi’s MGX are expected to benefit significantly from the listing. Microsoft, one of OpenAI’s largest backers, currently holds about 27% of the company after investing US$13 billion.
The potential IPO comes amid a strong global rally in AI-related stocks. Earlier this year, cloud AI company CoreWeave debuted with a valuation of US$23 billion, which has since nearly tripled. Meanwhile, chipmaker Nvidia recently became the world’s first company to reach a US$5 trillion market value, underlining the ongoing AI boom.
If OpenAI proceeds with its public listing, it could mark a major milestone in the evolution of the AI industry and position the company as one of the most valuable technology firms globally.
