OpenAI Plans $1 Trillion IPO in Major AI Stock Market Debut

TLDR

• OpenAI is preparing to go public with an IPO that could reach a $1 trillion valuation, targeting a 2026 or 2027 listing
• The company plans to raise a minimum of $60 billion through the public offering
• OpenAI just completed a major restructuring, transitioning from nonprofit status to a public benefit corporation structure
• The company expects $20 billion in annual revenue but is currently operating at a loss
• Major shareholders include Microsoft with 27% ownership, plus SoftBank, Thrive Capital, and Abu Dhabi’s MGX

OpenAI is moving forward with plans for an initial public offering that could value the artificial intelligence company at $1 trillion. The ChatGPT developer is considering filing paperwork with regulators as early as the second half of 2026, according to three sources familiar with the planning.

The company intends to raise at least $60 billion through the IPO. The final amount could increase based on business performance and market conditions at the time of listing.

CFO Sarah Friar has told colleagues the target is a 2027 public debut. Some advisers believe the IPO could happen sooner, potentially in late 2026. An OpenAI spokesperson stated that an IPO is not the current focus and no date has been set.

Corporate Restructuring Clears Path Forward

OpenAI completed a major corporate restructuring this week. The company transformed from its original nonprofit structure into a public benefit corporation. This type of for-profit entity must demonstrate commitment to societal benefit.

The OpenAI Foundation, the nonprofit entity, now holds a 26% stake in OpenAI Group. The foundation also received warrants for additional shares tied to performance milestones. Bret Taylor, board chair, said the restructuring simplifies the corporate structure while keeping the nonprofit in control.

The changes reduce OpenAI’s reliance on Microsoft. The tech giant owns roughly 27% of OpenAI after investing $13 billion over time.

Financial Picture Drives Public Market Plans

OpenAI expects to hit $20 billion in annualized revenue by the end of this year. Despite strong revenue growth, the company is operating at a loss. Sources indicate OpenAI spends more on marketing and employee equity than it generates in revenue.

The company needs substantial capital for AI infrastructure investments. Going public would provide more efficient access to funding. It would also allow OpenAI to use stock for acquisitions.

Private market valuations currently place OpenAI at $500 billion. A $1 trillion IPO valuation would make it one of the largest stock market debuts in history.

AI Market Momentum

The timing aligns with strong performance in AI-related stocks. CoreWeave, an AI cloud provider, went public in 2025 at $23 billion and has since tripled in value. Nvidia reached a $5 trillion market cap this week, driven by demand for AI chips.

Other major OpenAI investors include SoftBank, Thrive Capital, and Abu Dhabi’s MGX. These stakeholders would benefit from a successful public listing. The company continues investing billions in computing infrastructure to support its AI development roadmap.

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