OpenAI Prepares for IPO, Flags Overreliance on Microsoft in Financial Filings

OpenAI is evaluating an initial public offering, but Chief Executive Sam Altman reportedly insists the company must be valued at $1 trillion, an unusually high threshold for the technology sector. The enormous cost of training generative AI models, computing infrastructure and data centers means the timing of the listing will shape investor assessments of AI valuations and the industry’s ability to sustain funding.

The latest reports indicate that OpenAI, facing its valuation demand and continued heavy cash burn, is leaning toward delaying its IPO until 2027. Rival Anthropic has filed for a listing and could go public as early as 2026, potentially establishing the first pricing benchmark for AI companies. The White House is also stepping up its review of OpenAI’s next-generation GPT-5.6 model, adding regulatory uncertainty.

OpenAI is seeking to balance heavy spending on computing capacity with fundraising in the capital markets. CEO Sam Altman has committed $600 billion to expanding computing infrastructure to support ChatGPT’s growth. But user and revenue figures have fallen short of targets, raising questions about whether an IPO can support the company’s long-term data-center bills.

Altman initially favored pursuing an IPO as early as the fourth quarter of 2026. Chief Financial Officer Sarah Friar warned that current revenue was insufficient to support computing commitments of up to $1 trillion and that the company could run out of cash in five years. The New York Times most recently reported that OpenAI was leaning toward delaying its listing until 2027, while Altman was demanding a valuation of at least $1 trillion.

OpenAI is at the center of the generative AI boom but remains privately held, preventing retail investors from buying its shares directly. Investors have instead sought indirect exposure through companies with stakes in or partnerships with OpenAI, including Microsoft, SoftBank, Nvidia and OpenAI shareholder Eightco, hoping to benefit from growth in corporate AI spending and model commercialization.

OpenAI was previously reported to be planning an IPO in the fourth quarter of 2026 at a target valuation of $1 trillion, with annualized revenue at the time exceeding $25 billion. Rival Anthropic's annualized revenue had reached $19 billion, an approximately tenfold increase from a year earlier. The latest reports, however, indicate that the listing plan may be put on hold and delayed until 2027.

OpenAI helped ignite the generative AI boom with ChatGPT, but training models and building computing infrastructure require enormous investment. Going public could broaden its fundraising options and increase financial transparency. A listing at the reported valuation of $850 billion to $1 trillion would rank among the largest technology IPOs in recent years and could influence the listing plans of Anthropic and SpaceX.

The Wall Street Journal reported that OpenAI is working with Goldman Sachs and Morgan Stanley on a U.S. IPO and could confidentially submit an S-1 filing as early as July 24, 2026, targeting a September listing. Some more recent reports say the filing has already been submitted. SpaceX was previously reported to be considering a June listing, but the precise timetable, underwriting arrangements and final valuation have yet to be confirmed.

Competition in generative AI and commercial spaceflight has driven up valuations of privately held technology companies. If OpenAI, Anthropic and SpaceX proceed with IPOs in succession, trillion-dollar companies would face their first test in public markets. Their listings could also redirect funds that investors have concentrated in large-cap technology stocks in the S&P 500.

Fundstrat co-founder Tom Lee recently said the listings were expected to add trillions of dollars in stock supply, equivalent to 5%–6% of the S&P 500's total market capitalization. Although Bank of America has warned that an IPO boom could overheat technology stocks, Lee said investors were currently underallocated and the market could absorb the supply. He also expects U.S. stocks to have further room to rise in 2027.

OpenAI’s capital needs have surged as it has continued investing in large models, AI chips and data centers since launching ChatGPT in November 2022. The SoftBank-led financing set records for a single funding round in Silicon Valley and the AI industry. It also reflects OpenAI’s push into the enterprise market and preparations for a potential IPO.

OpenAI announced in July 2026 that it had completed a $122 billion funding round at a post-money valuation of $852 billion, while monthly revenue had surpassed $2 billion. The proceeds will fund chips, data centers and model development. Some employees will also be able to sell shares through the transaction, and OpenAI tapped retail investors through bank distribution channels for the first time.