OpenAI, the company behind ChatGPT, is laying the groundwork for what could become one of the biggest IPOs in tech history. According to Reuters, the firm is preparing to go public with a valuation in the range off $1 trillion.
The paperwork and filing could start in the second half of 2026, sources familiar with the matter told Reuters. The move follows a major restructuring that formalized equity ownership and paved the way for public-market access. Sources say OpenAI may be looking at an initial raise of at least $60 billion which takes its valuation towards the trillion figure. While no date is confirmed, some advisers anticipate a listing in 2027.
Why the IPO Now?
With AI booming and compute demands soaring, OpenAI is facing massive capital needs. The restructuring granted Microsoft a 27% stake and freed the company to raise public funds. The IPO plan would allow the company to tap large amounts of capital more efficiently and use public stock for acquisitions.
Sam Altman, CEO of OpenAI, emphasized that going public isn’t “our focus”, during the Open AI DevDay conferences. However, he acknowledged that it’s likely to happen given the scale of investment needed. For investors, a public OpenAI would open up direct exposure to the AI boom. For the company, it signals a shift from private-only to mainstream capital markets.
Big Tech’s growing focus on AI
AI is now seen as a key indicator for the broader tech industry, and its performance often moves in line with the crypto market since both are considered high-risk, high-reward investments. According to The Register, OpenAI may have posted a $11.5 billion loss last quarter, based on Microsoft’s earnings report, which was declared on Thursday.
Microsoft reported revenue of $77.67 billion, higher than the estimates of $75.33 billion, while its Earnings Per Share (EPS) of $3.72, was also higher than the $3.67 expectation. On a year-on-year basis, Microsoft reported 18% revenue growth.