OpenAI, Anthropic and Other Tech Giants' IPOs Could Bring Trillions of Dollars to Market

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 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 has evolved from a nonprofit research organization into a public benefit corporation, with ChatGPT driving the commercialization of generative AI while increasing funding needs for model training and data centers. Large institutions typically receive most shares in technology startup IPOs, leaving retail investors with only about 5%–10%. A larger retail allocation by OpenAI would reshape Silicon Valley fundraising practices and give individuals direct exposure to both AI growth and valuation risks.

OpenAI Chief Financial Officer Sarah Friar told CNBC on April 8, 2026, that the company would reserve IPO shares for retail investors, but did not disclose the allocation or listing date. Its latest funding round initially sought to raise $1 billion from individual investors through JPMorgan, Morgan Stanley and Goldman Sachs, but ultimately secured more than $3 billion from them. The full round drew $122 billion in commitments at a post-money valuation of $852 billion.

Founded in 2015, OpenAI has expanded rapidly through ChatGPT and enterprise AI services. As it prepares for an initial public offering, the company has identified its reliance on Microsoft for cloud computing and commercial partnerships as a risk in its financial filings. Computing costs and partner concentration will directly affect its IPO valuation, profitability and operational resilience.

The latest filings show that OpenAI estimated its 2025 revenue at $13.1 billion, although training and deploying large AI models still require substantial capital expenditure. Its reliance on Microsoft could also become a focus of investor scrutiny. The company is expanding partnerships with Amazon and others to diversify its cloud infrastructure and commercial resources, reduce concentration risk and prepare for the IPO.