OpenAI, the company behind ChatGPT, is exploring an initial public offering (IPO) that may value it as high as $1 trillion, potentially placing it among the largest public listings in history.

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Sources cited by Reuters say the artificial intelligence giant is weighing a regulatory filing as soon as late 2026, though timing remains fluid. The plans mark a turning point for the company, which has spent years balancing commercial expansion with its founding nonprofit principles.

Moving Away from Nonprofit Principles

According to early estimates, executives and advisers have discussed raising at least $60 billion in the offering. OpenAI’s Chief Financial Officer, Sarah Friar, has reportedly told some associates that the company is targeting a 2027 listing, while others believe it could happen sooner.

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In a recent livestream, CEO Sam Altman acknowledged that going public is becoming increasingly likely. Despite public speculation, the company maintains that a listing is not its immediate focus.

Founded in 2015 as a nonprofit research lab, OpenAI was originally created to ensure that AI development benefited society rather than shareholders. That mission evolved as the company needed massive capital to train large models like GPT-4 and develop products such as ChatGPT and DALL·E.

A series of structural changes followed. In 2019, the company introduced a capped-profit model, giving investors returns up to a certain limit while keeping the nonprofit in control. This week, OpenAI completed another overhaul, establishing the OpenAI Foundation as the main nonprofit entity.

Under the new structure, the foundation holds a 26% stake in OpenAI Group and a warrant for additional shares tied to performance milestones. The move gives the nonprofit a direct financial interest in OpenAI’s success while preserving oversight of its long-term mission.

A Move to Loosen Microsoft’s Grip

The latest restructuring also reduces OpenAI’s dependency on Microsoft, which has invested billions of dollars in exchange for preferred access to its AI models. By preparing for an IPO, OpenAI could diversify its funding base and gain more flexibility to pursue acquisitions or infrastructure projects independently.

With its annualized revenue run rate expected to hit $20 billion by year-end, OpenAI’s growth has been staggering. But costs are climbing just as fast. The company continues to burn significant cash as it invests in data centers, chips, and supercomputing power to support global demand for AI tools.

If the IPO materializes, OpenAI could join the ranks of the world’s most valuable public tech companies, alongside Apple and Microsoft. It would also mark a symbolic transformation —from an experimental lab to a corporate powerhouse steering the global AI economy.

Source: Finance Magnates