OpenAI eyes $1 trillion IPO as Sam Altman prepares to take the AI giant public

OpenAI is reportedly preparing for a stock market debut that could value the company at up to $1 trillion, according to an exclusive report from Reuters, citing people familiar with the matter. If it happens, it would be one of the biggest IPOs in history—cementing OpenAI’s rise from a small research lab to the most powerful name in artificial intelligence.

The ChatGPT maker is reportedly considering filing with securities regulators as soon as the second half of 2026. In early discussions, the company has floated raising at least $60 billion, with the final figure likely higher depending on market conditions and revenue growth. Sources cautioned that plans are still fluid and could shift as the company continues to scale.

Chief Financial Officer Sarah Friar has told associates that OpenAI is targeting a 2027 listing, though some advisers believe the IPO could come sooner—possibly in late 2026.

“An IPO is not our focus, so we could not possibly have set a date,” an OpenAI spokesperson told Reuters. “We are building a durable business and advancing our mission so everyone benefits from AGI.”

Even so, the move toward a public listing signals growing urgency inside OpenAI to access public markets now that it has restructured to reduce its reliance on Microsoft. Going public would make it easier to raise capital and fund larger acquisitions, helping CEO Sam Altman pursue his vision of building the world’s most advanced AI infrastructure—a plan that could require trillions of dollars in future investment.

With annualized revenue projected to hit around $20 billion by the end of the year, OpenAI is now operating at a scale few could have imagined just two years ago. Yet, according to people close to the company, losses continue to mount as it invests heavily in data centers, chips, and research.

During a livestream on Tuesday, Altman acknowledged the likelihood of taking OpenAI public. “I think it’s fair to say it is the most likely path for us, given the capital needs that we’ll have,” he said.

IPO Preparations Follow Major Restructuring

OpenAI’s journey to this point has been anything but typical. Founded in 2015 as a nonprofit, the company later introduced a for-profit arm to accelerate development while maintaining the nonprofit’s oversight. The idea was to balance innovation with safety, ensuring that profit motives wouldn’t override the goal of developing AI responsibly.

This week, OpenAI restructured again. It remains under the control of a nonprofit—now called the OpenAI Foundation—but that entity now holds a 26% stake in OpenAI Group, along with a warrant to receive additional shares if certain milestones are met. The change makes the foundation a direct beneficiary of OpenAI’s financial success, aligning its interests with the company’s growth.

With the restructuring behind it and the race for AI dominance intensifying, OpenAI’s path toward an IPO marks a pivotal moment for the company—and for the tech industry itself. Whether it lists in late 2026 or early 2027, the offering would not just test investor appetite for AI stocks. Still, it could redefine how the next generation of artificial intelligence companies raise capital at scale.