The Plans

OpenAI is laying groundwork for an IPO that could value the company at up to $1 trillion. The ChatGPT maker is considering filing with regulators as soon as the second half of 2026, according to three people familiar with the matter.

In preliminary discussions, OpenAI has looked at raising $60 billion at the low end and likely more. Plans could change depending on business growth and market conditions.

CFO Sarah Friar has told some associates the company aims for a 2027 listing. But some advisers predict it could come even sooner, around late 2026.

The Official Response

An OpenAI spokesperson downplayed the timeline. "An IPO is not our focus, so we could not possibly have set a date," they said. "We are building a durable business and advancing our mission so everyone benefits from AGI."

CEO Sam Altman addressed the possibility during a Tuesday livestream. "I think it's fair to say it is the most likely path for us, given the capital needs that we'll have," he said.

The Restructuring

The IPO plans follow a major corporate overhaul completed this week. OpenAI started as a nonprofit in 2015, then restructured a few years later so the nonprofit had oversight over a for-profit arm.

Now the company has revamped itself again. It's still controlled by a nonprofit - now called the OpenAI Foundation - but the nonprofit holds a 26% stake in OpenAI Group plus a warrant for additional shares if the company hits certain milestones.

This structure makes the nonprofit a significant stakeholder in OpenAI's financial success while reducing Microsoft's control.

Why Go Public

The IPO would enable more efficient capital raising and larger acquisitions using public stock. This helps finance Altman's plans to pour trillions of dollars into AI infrastructure.

The move signals new urgency to tap public markets now that the complex restructuring is complete and Microsoft's grip has loosened.

The Winners

A successful offering would mark a major win for investors including SoftBank, Thrive Capital, and Abu Dhabi's MGX. Microsoft now owns about 27% after investing $13 billion.

The Market Context

AI is driving a surge in public markets. Earlier this year, AI cloud company CoreWeave went public at a $23 billion valuation and has roughly tripled since.

Wednesday, Nvidia became the first company to reach a $5 trillion market value, powered by a rally cementing its role at the center of the AI boom.

The Bottom Line

OpenAI is rushing toward a potential $1 trillion IPO as early as late 2026 after restructuring to reduce Microsoft's control, capitalizing on an AI boom that's sent valuations soaring across the sector. The timing and figures could still change, but Altman's acknowledgment that an IPO is "the most likely path" given capital needs signals this is more than just preliminary planning.