OpenAI Reportedly Targets $1 Trillion Valuation As IPO Window Opens In 2027

Earlier this week, OpenAI CEO Sam Altman addressed the topic of taking the chatbot maker public during a livestream. He said that while there are no concrete plans or set timeline, “it’s fair to say an IPO is the most likely path for us.” 

After Altman’s comments, Reuters reported, citing three people familiar with the matter, that OpenAI is indeed preparing for an IPO, with a securities filing expected in late 2026 and a market debut in 2027 at a potential valuation of $1 trillion. 

Here’s more from the report:

OpenAI is considering filing with securities regulators as soon as the second half of 2026, some of the people said. In preliminary discussions, the company has looked at raising $60 billion at the low end and likely more, the people said. They cautioned that talks are early and plans – including the figures and timing – could change depending on business growth and market conditions.

Chief Financial Officer Sarah Friar has told some associates the company is aiming for a 2027 listing, the people said. But some advisers predict it could come even sooner, around late 2026.

While an OpenAI spokesperson maintains that “an IPO is not our focus,” this week’s restructuring news, which reduced the company’s dependence on Microsoft and shifted governance under the OpenAI Foundation, only suggests preparation for public markets, as it paves the way for OpenAI to use public stock for large-scale acquisitions and capital-intensive infrastructure projects to support Altman’s plan to invest trillions in AI development.

OpenAI has an annualized revenue run rate of approximately $20 billion, though losses are mounting. There was a report at the start of the week that said the Microsoft CFO internally warned about Altman’s data center spending, which could unleash data center overcapacity.

Related: 

• OpenAI-Microsoft Friction Grows As ChatGPT App Growth Slows, Data Center Buildout Risks Overcapacity

OpenAI was most recently valued at $500 billion, with major investors including Microsoft (27% stake), SoftBank, Thrive Capital, and Abu Dhabi’s MGX.

However, the potential IPO window for OpenAI comes at a time when Goldman analysts forecast data center peak occupancy will begin to weaken (read here), an indication that more supply will come online amid the massive wave of data center buildouts expected next year (read here).