• OpenAI is preparing for an IPO that could value the company at up to $1 trillion.
• The anticipated filing may occur in the second half of 2026, targeting a 2027 listing.
• Initial fundraising discussions consider raising around $60 billion.
• CEO Sam Altman indicates the strong likelihood of going public due to capital needs.
• The IPO follows significant restructuring aimed at reducing reliance on Microsoft.

OpenAI is laying the groundwork for an initial public offering (IPO) that could value the company at up to $1 trillion, positioning it as one of the largest IPOs in history. The plan involves filing with securities regulators as soon as the second half of 2026, with initial discussions suggesting a target of raising around $60 billion at the low end, though the final figure could be higher. These conversations are still in the early stages, indicating that various aspects like timing and valuation may evolve depending on market conditions, according to Reuters, Channel News Asia, and India Times.

Chief Financial Officer Sarah Friar has indicated the company is targeting a listing in 2027; however, some sources suggest it could occur even sooner, by late 2026. An OpenAI spokesperson stated, “An IPO is not our focus, so we could not possibly have set a date,” highlighting the company's strategy to build a durable business with a mission to ensure the benefits of AGI are widely shared. This restructuring signifies OpenAI's readiness to tap into public markets following a significant change that reduces its reliance on Microsoft, one of its major investors, according to South China Morning Post and India Times.

The preparations for the IPO reflect an urgency within OpenAI to secure capital for its ambitious goals, including plans to invest trillions in AI infrastructure. With projected annual revenues reaching approximately $20 billion by year-end, the company, now valued at about $500 billion, faces rising operational costs and losses. During a recent livestream, CEO Altman remarked, “I think it's fair to say it is the most likely path for us, given the capital needs that we'll have,” underscoring the significance of public market access for future growth, according to Reuters, Channel News Asia, and India Times.

Notably, this IPO push follows a restructuring that saw the formation of a new corporate structure, allowing the nonprofit OpenAI Foundation to maintain control while facilitating conventional equity ownership. As AI continues to attract substantial investor interest, the successful public offering is positioned to deliver significant returns to initial investors, including SoftBank and Thrive Capital, while establishing OpenAI as a leading player in the burgeoning AI market, according to South China Morning Post, Channel News Asia, and India Times.