OpenAI eyes $1 trillion IPO as soon as 2026
OpenAI has begun preparations for a blockbuster float that could see the tech juggernaut valued at as much as $1 trillion (£750bn).
The ChatGPT maker is understood to be considering filing IPO paperwork as soon as the second half of 2026, with the listing taking place later that year or early the following year.
OpenAI would seek to raise at least $60bn in the flotation, according to a Reuters report.
“An IPO is not our focus, so we could not possibly have set a date,” an OpenAI spokesperson told Reuters.
“We are building a durable business and advancing our mission so everyone benefits from AGI.”
Pursuit of an IPO is thought to have been motivated by the company’s drive to invest more into AI infrastructure, build an acquisitions war chest and reduce dependency on funding from major shareholder Microsoft.
OpenAI’s for-profit transition
News of the plans comes just days after OpenAI completed a complex internal restructure that saw the firm transition away from its non-profit roots.
The company has transitioned to a public benefit corporation, a for-profit structure that requires the firm to express a commitment to the betterment of society.
OpenAI said it completed its restructuring “after nearly a year of engaging in constructive dialogue” with the offices in both states.
“OpenAI has completed its recapitalisation, simplifying its corporate structure,” said Bret Taylor, the chair of OpenAI’s board of directors, in a blog post.
“The non-profit remains in control of the for-profit, and now has a direct path to major resources before AGI arrives.”
OpenAI, which is currently valued at $500bn, has been pouring cash into building out more compute power in a programme likely to require tens of billions more in investment.
The company currently spends more on marketing and equity options than it makes in revenue, in signs its current spending plans are not sustainable without fresh capital injections.