OpenAI’s reported plan for an IPO at a $730 billion to $850 billion valuation would give public investors something more complicated than a high-growth AI stock: a company seeking mega-cap pricing while still controlled by a nonprofit parent.
The ChatGPT maker said on June 8, 2026, that it had submitted a confidential S-1 filing to the US Securities and Exchange Commission, confirming the first formal step toward a possible public listing.
The company did not disclose the offering size, target valuation, listing venue, share count, or expected IPO date.
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OpenAI said it had “not decided on timing yet,” adding that some steps may be easier to complete while it remains private.
CNBC reportedly placed the potential valuation range at $730 billion to $850 billion, while Reuters reported that OpenAI may pursue a valuation as high as $1 trillion, citing a source.
OpenAI completed a restructuring that placed its business operations inside OpenAI Group PBC, a public benefit corporation controlled by the nonprofit OpenAI Foundation.
Reuters reported that the restructuring helped clear a legal path toward an IPO after litigation from Elon Musk challenged OpenAI’s shift away from its original nonprofit model.
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The company reportedly has more than 900 million weekly active ChatGPT users, more than 50 million consumer subscribers, and $2 billion in monthly revenue.
Reuters also reported that OpenAI generated about $1 billion in quarterly revenue at the end of 2024, making the later monthly revenue figure a sharp acceleration if the reported numbers are measured on a comparable basis.
The public filing would likely turn attention from growth optics to cost structure. Investors would be able to examine compute expenses, cloud commitments, margins, customer concentration, equity compensation, and the real economics of running frontier AI models.
That scrutiny would land on a company whose largest strategic relationship remains Microsoft. OpenAI has said Microsoft’s investment in OpenAI Group PBC is valued at about $135 billion, equal to roughly 27% on an as-converted diluted basis.
The Microsoft partnership also gives Microsoft long-term rights tied to OpenAI models and products, a factor that could become central to how investors assess OpenAI’s independence, distribution strategy, and future profit pool.
This follows after it was reported that Anthropic confidentially filed for a US IPO after raising $65 billion at a $965 billion valuation. Reuters separately reported that SpaceX is pursuing a listing that could raise $75 billion at a $1.75 trillion valuation.
Information for this story was found via the sources and companies 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.
