OpenAI Prepares IPO Targeting $1 Trillion Valuation

OpenAI is laying groundwork for an initial public offering that could value the ChatGPT maker at up to $1 trillion, with advisors and CFO Sarah Friar reportedly eyeing a filing as soon as the second half of 2026 and a potential listing in 2027. The company has explored raising at least $60 billion (and possibly more), which would make it one of the largest IPOs in history. The move follows a corporate restructuring into OpenAI Group PBC and the OpenAI Foundation (which holds roughly 26% of the group) and involves large investors including Microsoft (about a 27% stake after a reported $13 billion investment), SoftBank, Thrive Capital and Abu Dhabi’s MGX. OpenAI projects an annualized revenue run rate near $20 billion but is currently operating at a loss as it scales compute and R&D for AGI. Company spokespeople say an IPO "is not our focus" and that timing and figures remain early-stage and subject to change. A public listing would provide capital for ambitious AI infrastructure plans but would also subject OpenAI to public-market scrutiny and investor pressure.