Photo by Philip Oroni on Unsplash
OpenAI might go public in 2026 or 2027. The company behind ChatGPT is reportedly laying the groundwork for one of the biggest IPOs in tech history—despite burning through billions in losses each quarter.
Let’s break down what’s actually happening.
OpenAI’s IPO Dream: Trillion-Dollar Talk, Real-World Risk
This week, OpenAI CEO Sam Altman confirmed that going public is “the most likely path” for the company, given how much capital they’ll need in the future. And that’s not a vague estimate. According to Reuters, multiple insiders say the company is actively preparing for an IPO that could value it at up to $1 trillion.
That’s trillion with a “T.”
The earliest we might see filing papers? The second half of 2026. Though OpenAI’s Chief Financial Officer Sarah Friar has also mentioned to others that 2027 could be more realistic.
So why the sky-high valuation? Well, OpenAI’s looking to raise somewhere around $60 billion in stock. Keep in mind, that’s not the company’s full value—just what it might collect in share sales from investors. If the company sells that much and keeps control of most shares, it gets closer to that massive $1 trillion valuation.
Of course, all of this depends on how the business grows and what the market looks like down the road.
OpenAI Is Bleeding Cash—And It’s Not Slowing Down
Here’s where things get tricky. Despite its success with ChatGPT and growing public interest in AI, OpenAI is burning through money—fast. Like, “up to $11.5 billion lost in a single quarter” fast.
That number comes from data tucked into Microsoft’s recent earnings report. Microsoft, which owns 27% of OpenAI, said OpenAI’s losses lowered its own net income by $3.1 billion last quarter. Do the math, and that puts OpenAI’s estimated quarterly loss at nearly $11.5 billion.
Think about that: nearly half of OpenAI’s expected full-year revenue—estimated around $20 billion—is gone after just one quarter.
Photo by Google DeepMind on Unsplash
Why the massive gap? It seems OpenAI isn’t afraid to spend. Reuters reports that Altman wants to invest trillions into AI infrastructure in coming years. And going public might be the only way to make that happen.
An IPO would give OpenAI larger access to capital markets, allowing it to make bigger acquisitions and fund these enormous projects without relying on private funding alone.
Big Changes, Big Moves
All this IPO buzz follows a major shake-up at OpenAI. Just this past October, the company restructured to reduce dependence on longtime partner Microsoft. Under the new setup, OpenAI is controlled by the OpenAI Foundation (a nonprofit), which holds a 26% stake in OpenAI Group and could get more shares if key milestones are met.
Microsoft still owns roughly 27% and has invested a staggering $13 billion into the AI company. Other big-name backers include SoftBank, Thrive Capital, and MGX from Abu Dhabi. If OpenAI does go public at anything close to a $1 trillion valuation, they all stand to make a massive return.
One Catch: OpenAI Isn’t Making This a Priority… Yet
Despite the buzz, OpenAI says an IPO isn’t on its immediate radar.
A company spokesperson told Reuters, “An IPO is not our focus, so we could not possibly have set a date.” Right now, they say their priority is building a sustainable business and sticking to their core mission—making sure artificial general intelligence (AGI) benefits everyone.
Still, planning this kind of move doesn’t happen overnight. Even with the official line being “we’re not focused on an IPO,” the internal activity suggests they’re getting serious about it.
What This Means for the Rest of Us
If OpenAI does go public in 2026 or 2027, it could become one of the biggest tech IPOs ever filed. That could shift the dynamics of the AI race, not just for competitors like Anthropic or Google DeepMind, but for investors, regulators, and users.
At the same time, those $11.5 billion quarterly losses shouldn’t be ignored. A $1 trillion valuation only makes sense if OpenAI can turn its current momentum into long-term financial stability.
Right now, it’s anyone’s guess how that will play out.
Photo by Michael Myers on Unsplash
But one thing’s clear: OpenAI isn’t just pushing boundaries in AI—they’re betting big on the future of tech itself, with all the risks and rewards that come with it.
Keywords: OpenAI IPO, Trillion-Dollar IPO, Sam Altman, AI Investment, Microsoft Partnership, Artificial General Intelligence
