OpenAI is a Artificial Intelligence founded in 2015, currently valued at $852B.
IPO Status: Pre-IPO. 2025 ARR: $12.7B. IPO Readiness Score: 89/100 (A-).
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⏳ IPO Targeting Q4 2026
$852B Valuation
Project Stargate $500B
🔄 Updated April 24, 2026
OpenAIIPO 2026
OpenAI is targeting an IPO in Q4 2026 or early 2027. Current valuation: $852 billion after a $122B raise in February 2026. Total lifetime funding: $200B+. Project Stargate commits $500B to AI data center infrastructure over 4 years.
Score Last updated April 24, 2026. Sources: Reuters, Bloomberg, WSJ. For informational purposes only — not investment advice.
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April 22, 2026 Update: OpenAI raised $122B in February 2026 at an $852B valuation — the largest private fundraise in history. The company completed 6 acquisitions in 2026 alone, and is targeting Q4 2026 at $830B–$1T valuation. New IPO prep hires confirmed: CFO Sarah Friar, Chief Accounting Officer Ajmere Dale, and IR Officer Cynthia Gaylor. Revenue run rate: $20B+ annualized (up from $9B in late 2024). Note: OpenAI executives privately worried Anthropic may file an S-1 first — watch for H1 2026 Anthropic move.
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Pre-IPO Investment
Invest in OpenAI Before the IPO →
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IPO Status Overview
Live status as of April 24, 2026.
IPO Status
🔵 IPO Preparing
S-1 Filed
⏳ Not Yet Filed
Target Exchange
Nasdaq or NYSE (TBD)
Target IPO Date
Q4 2026 – Early 2027
Last Valuation
$852B (Feb 2026)
Corporate Structure
PBC (Public Benefit Corp.)
Headquarters
San Francisco, CA
Industry
Artificial Intelligence
CEO
Sam Altman
Key Financial Metrics
Financials as of early 2026 — most recent available data.
$852B
Current Valuation
Feb 2026 raise confirmed
$122B
Last Funding Round
Largest private fundraise ever
$200B+
Total Raised (Lifetime)
Most-funded private AI co.
$500B
Stargate Commitment
Joint AI infra investment
6
2026 Acquisitions
Aggressive M&A in 2026
49%
Microsoft Commercial Stake
Strategic partner since 2019
$20B+
Annualized Revenue (ARR)
Up from $9B in late 2024
3 Hires
IPO Prep Leadership
CFO, CAO, IR — all new in 2026
Project Stargate — $500B AI Infrastructure
The joint venture that redefines OpenAI's infrastructure story.
Announced in January 2026, Project Stargate is a $500 billion joint venture between OpenAI, SoftBank, and Oracle to build AI data center infrastructure across the United States over 4 years. The initial funding was $100B with a commitment to reach $500B.
This makes Stargate one of the largest technology infrastructure investments in history, rivaling the interstate highway system in scope. For OpenAI's IPO story, it signals long-term infrastructure ownership rather than dependence on third-party cloud providers.
SoftBank, led by Masayoshi Son, is the lead financial partner and will commit the majority of funding. Oracle provides data center operations expertise. The project is seen as a direct response to similar infrastructure commitments from Google and Microsoft.
$500B
Total Commitment
$100B
Initial Funding
4 Years
Timeline
OpenAI IPO Timeline
Key milestones from founding to expected public listing.
Founded as nonprofit 2015
OpenAI launched as a nonprofit AI research lab; Elon Musk, Sam Altman, Ilya Sutskever among co-founders
GPT-3 launch + Microsoft $1B investment 2020
GPT-3 demonstrates large language model capabilities; Microsoft invests $1B as strategic partner
ChatGPT launch — 100M users in 2 months Nov 2022
Fastest product to 100M users ever; triggered global AI race
Microsoft $10B investment Jan 2023
Microsoft commits $10B+ over multiple years; takes ~49% of commercial revenue
Sam Altman fired and rehired in 5 days Nov 2023
Board crisis resolved; Altman returned with new board; governance overhauled
$157B valuation raise ($6.6B) Oct 2024
Thrive Capital leads; valuation reaches $157B on path to restructuring
Converted to Public Benefit Corporation Dec 2024
Restructured from nonprofit/capped-profit hybrid to PBC — key prerequisite for IPO
Project Stargate — $500B AI data center JV Jan 2026
Joint venture with SoftBank and Oracle; $100B initial funding, $500B total commitment
$122B raise at $852B valuation Feb 2026
Largest private fundraise in history — signals IPO is imminent within 12–18 months
IPO preparation & M&A activity 2026 (ongoing)
6 acquisitions in 2026; revenue scaling; S-1 preparation expected mid-2026
S-1 Filing with SEC Mid-2026 (est.)
Public registration expected to kick off IPO process; watch EDGAR
🎯 IPO — First Day of Trading Q4 2026 – Q1 2027 (target)
Nasdaq or NYSE listing; Sam Altman reportedly targeting Q4 2026
How to Invest in OpenAI Before the IPO
Options for gaining OpenAI exposure before the public listing.
Unlike SpaceX, which has dedicated ETF exposure, OpenAI pre-IPO access is more limited for retail investors:
🖥️ Microsoft (MSFT) — Indirect Exposure
Microsoft owns approximately 49% of OpenAI's commercial operations. Buying MSFT gives indirect OpenAI exposure alongside Microsoft's full business. Publicly traded on Nasdaq.
📊 Destiny Tech100 (DXYZ) — Direct OpenAI Stake
The Destiny Tech100 closed-end fund holds a direct stake in OpenAI. Publicly traded on NYSE. May trade at a significant premium or discount to NAV. Best for investors who want concentrated OpenAI exposure.
🏦 Secondary Markets (Accredited Investors Only)
Platforms like Forge Global and EquityZen periodically offer OpenAI shares from early employees and investors. Accredited investors only; significant illiquidity and lock-up risks apply.
🏢 SoftBank (9984 JP) — Stargate Partner
SoftBank is the primary financial partner for Project Stargate and has significant OpenAI exposure through its Vision Fund. Trades on the Tokyo Stock Exchange (TSE).
⚠️ This is not investment advice. All investment decisions should be made after consulting a licensed financial advisor.
Key Risks & Watch Points
Material risks investors should evaluate before the IPO.
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Profitability Under Pressure
OpenAI is burning cash at significant scale — reported losses of $5B+ in 2024. The path to profitability requires scale and infrastructure efficiency. High compute costs from training frontier models may persist even as revenue grows.
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PBC Corporate Structure Complexity
OpenAI's conversion to a Public Benefit Corporation (PBC) introduced a novel governance structure. Public market investors accustomed to standard corporate governance may apply valuation discounts due to unclear obligations to the nonprofit's "mission."
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Regulatory & Antitrust Scrutiny
The FTC and DOJ have both indicated interest in AI market concentration. OpenAI's dominant market position and Microsoft's strategic stake may trigger antitrust review as part of the IPO process.
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Microsoft Revenue Share Dependency
Microsoft's ~49% commercial revenue share agreement is a fundamental part of OpenAI's financing structure. Any renegotiation of this deal, or Microsoft pivoting to competing AI products, would materially impact OpenAI's financials.
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Competition from Anthropic, Google, Meta
Google DeepMind, Anthropic, and Meta AI are all racing to close the capability gap. Reuters (April 8, 2026) reported that Anthropic's revenue is narrowing OpenAI's lead. Multiple well-funded competitors reduce OpenAI's pricing power.
Funding History
$200B+ raised — most-funded private AI company in history.
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Frequently Asked Questions
When is the OpenAI IPO date?
OpenAI is targeting an IPO in Q4 2026 or early 2027. The company completed its historic $122B raise in February 2026 and has been actively acquiring companies in 2026 as it scales ahead of the public offering.
What is the OpenAI IPO valuation?
OpenAI's most recent valuation is $852 billion from its February 2026 fundraising round. The company has raised over $200 billion in total, making it the most-funded private AI company in history. IPO valuation will depend on market conditions at time of listing.
What is the OpenAI stock ticker symbol?
OpenAI has not announced an official ticker symbol. Expected candidates include OAAI, OAI, or CHAT. The official ticker and exchange (Nasdaq or NYSE) will be disclosed when the S-1 is filed.
How do Microsoft and OpenAI's partnership work?
Microsoft has invested $10B+ in OpenAI and receives approximately 49% of commercial revenue from OpenAI's products until Microsoft recoups its investment plus a return. Microsoft integrates OpenAI's models into Azure, GitHub Copilot, Office 365, and Bing. After recoupment, this revenue share declines. This agreement will need to be disclosed fully in the S-1.
What is OpenAI's revenue?
OpenAI has not released official revenue figures publicly. Industry estimates for 2025 revenue range from $3–5B+, primarily from ChatGPT subscriptions ($20/month Pro, $200/month Plus) and API/enterprise contracts. Reuters (April 8, 2026) noted that Anthropic's revenue is narrowing the gap with OpenAI. The S-1 will disclose exact figures.
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