OpenAI is reportedly moving toward an initial public offering that could value it at up to $1 trillion, according to people familiar with the matter. The company may file with regulators as early as the second half of 2026, although some advisers point to a 2027 listing. The fundraising target is at least $60 billion, and potentially much more.
Central to the plan is a recent restructuring that positioned OpenAI’s non-profit parent- now called the OpenAI Foundation to hold a 26% stake in the for-profit arm, while Microsoft holds about 27%. The changes reduce OpenAI’s dependency on Microsoft and pave the way for broader capital-raising and acquisition strategies.
AI’s Biggest IPO Yet
OpenAI’s move toward a public listing marks a major inflection point in the AI sector. With a revenue run-rate approaching $20 billion by year-end and heavy capital plans for data-centres and infrastructure, going public would give OpenAI access to a far larger financing base and visibility as a tech titan. CEO Sam Altman has described the IPO path as “the most likely” scenario given the scale of the investments required.
The restructuring is particularly noteworthy. By consolidating governance under the non-profit foundation and formalising a firm structure for the for-profit arm, OpenAI has addressed regulatory and investor concerns—opening the door to public markets and institutional governance models.
Investor Implications
For investors, the potential OpenAI IPO signals both an opportunity and a risk. On the upside, the listing could provide exposure to a leading player in generative AI with a trillion-dollar addressable market. On the downside, valuations at this scale assume sustained growth, large capital expenditures and continued innovation – any mis-step could have magnified consequences.
Key signals to monitor include whether OpenAI actually files in 2026, the final size and pricing of the offering, how its infrastructure spend evolves, and how it balances losses and profitability. Also critical: how markets respond to AI valuations more broadly when a flagship player crosses into the public-market domain.
As previously covered, AI has moved from niche research to infrastructure-scale investment. OpenAI’s successful transition into public markets could redefine how the next generation of tech giants are built and funded.
