OpenAI Plans IPO Targeting Massive $1 Trillion Valuation in Break From Nonprofit Roots

OpenAI, the company behind ChatGPT, is exploring an initial public offering (IPO) that may value it as high as $1 trillion, potentially placing it among the largest public listings in history.

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Sources cited by Reuters say the artificial intelligence giant is weighing a regulatory filing as soon as late 2026, though timing remains fluid. The plans mark a turning point for the company, which has spent years balancing commercial expansion with its founding nonprofit principles.

Moving Away from Nonprofit Principles

According to early estimates, executives and advisers have discussed raising at least $60 billion in the offering. OpenAI’s Chief Financial Officer, Sarah Friar, has reportedly told some associates that the company is targeting a 2027 listing, while others believe it could happen sooner.

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In a recent livestream, CEO Sam Altman acknowledged that going public is becoming increasingly likely. Despite public speculation, the company maintains that a listing is not its immediate focus.

Founded in 2015 as a nonprofit research lab, OpenAI was originally created to ensure that AI development benefited society rather than shareholders. That mission evolved as the company needed massive capital to train large models like GPT-4 and develop products such as ChatGPT and DALL·E.

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A series of structural changes followed. In 2019, the company introduced a capped-profit model, giving investors returns up to a certain limit while keeping the nonprofit in control.

The latest restructuring also reduces OpenAI’s dependency on Microsoft, which has invested billions of dollars in exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for preferred access to its AI models. By preparing for an IPO, OpenAI could diversify its funding base and gain more flexibility to pursue acquisitions or infrastructure projects independently.

$1 Trillion Target Dwarfs Recent IPOs

If the IPO materializes, OpenAI could join the ranks of the world’s most valuable public tech companies, alongside Apple and Microsoft. OpenAI’s targeted IPO valuation dwarfs some of the most recent listings. Circle, the issuer of the USDC stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term, which went public in June, initially targeted $6.71 billion on a fully diluted basis.

Israeli fintech company eToro also made its Nasdaq debut under the ticker ETOR in October, after pricing its initial public offering at $52 per share, with a market capitalization of more than $4 billion. The shares opened strongly, climbing above the offering price shortly after trading began.

Even the Swedish fintech giant Klarna, which completed its long-awaited U.S. initial public offering last month, can’t come any closer to OpenAI's targeted valuation. The firm raised $1.37 billion in New York and achieved a market capitalization of approximately $15.2 billion. Another well-known brand in the crypto space, Gemini, is eying a $2.2 billion valuation in a planned listing.