OpenAI is laying groundwork to file for an initial public offering valued at up to $1 trillion as early as the second half of 2026 while targeting at least $60 billion in new capital, according to people cited by Reuters.
The company acknowledged that an IPO is the “most likely path” given its capital needs but said a listing is not currently its focus.
The preparations follow a corporate overhaul that refashioned OpenAI into OpenAI Group PBC, a for-profit public benefit corporation still controlled by a nonprofit foundation. Microsoft now holds about 27% of the company under the new agreement, which also loosened previous fundraising constraints and briefly pushed Microsoft’s market value above $4 trillion this week.
CEO Sam Altman told staff in a livestream on Tuesday that going public is the most likely route given the scale of capital required for data centers and model training. Reuters reporting says the company has discussed raising at least $60 billion at the low end.
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An OpenAI spokesperson stated that “an IPO is not our focus” and no date has been set.
OpenAI generated about $4.3 billion in revenue in the first half of 2025, roughly 16% more than all of 2024, yet still posted heavy operating losses, according to disclosures.
The broader market context is less forgiving than the headline valuation implies. In its October Financial Policy Committee record, the Bank of England warned that equity valuations appear stretched, particularly for AI-focused technology firms, and flagged the risk of a sharp correction if expectations fade.
There are also unresolved questions around governance and structure. While the nonprofit foundation retains control of the PBC and holds a sizable stake with additional warrants, the new setup is meant to reduce reliance on Microsoft and enable faster capital raising and acquisitions.
Information for this story was found via The Guardian and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
