OpenAI Files for $1 Trillion IPO Amid AI Investment Boom

OpenAI's Historic IPO Filing

ChatGPT-maker OpenAI has confidentially filed for a United States initial public offering (IPO), joining rival Anthropic in a push towards the stock market as investors seek exposure to the artificial intelligence boom. The company did not disclose the size or terms of the offering, noting that a timeline has not yet been determined, with the statement suggesting "it may be a while because there are things we want to do that are likely easier as a private company."

The $1 Trillion Valuation Target

According to Reuters, the AI giant is targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September. At that valuation, OpenAI would set the stage for a trio of trillion-dollar valuation companies debuting rapidly, seen as the most consequential test of investor appetite for high-growth technology stocks in the recent decade.

Elon Musk's SpaceX was the first off the block, filing for an IPO that would rank as the largest in history if completed, with the company pursuing a $75bn offering at a $1.75 trillion valuation.

Explosive Growth Metrics

OpenAI's financial performance has been remarkable, with the company reporting $2bn in monthly revenue in March 2026, growing roughly four times faster than companies that defined the internet and mobile eras, including Alphabet and Meta. This compares with about $1bn in quarterly revenue at the end of 2024.

The company also disclosed that ChatGPT had more than 900 million weekly active users and more than 50 million consumer subscribers. Earlier this year, OpenAI was raising $110bn at an $840bn valuation from a roster of heavyweight backers, including SoftBank, Amazon and Nvidia.

Reshaping the AI Investment Landscape

The IPOs from Anthropic and OpenAI would crystallize a transformative period for the technology industry and global markets, with AI rapidly emerging as the defining investment theme of the decade. The filing follows OpenAI renegotiating its partnership with Microsoft, one of its earliest investors, which allowed the AI pioneer to forge new partnerships with firms such as Amazon.com and Alphabet's Google unit.

The Windows maker's early investment, totaling $13 billion since 2019, helped pave the way for OpenAI's rapid rise and powered growth at the software major's Azure cloud-computing business.

The Future of AI in Public Markets

OpenAI's unusual structure, which gives a nonprofit control over the for-profit entity, came under intense scrutiny in late 2023 when CEO Sam Altman was briefly ousted before returning days later after employees revolted. In December 2024, OpenAI unveiled plans to overhaul its structure by creating a public benefit corporation.

The company faced legal challenges from early backer Elon Musk, who sued OpenAI and accused Altman and other executives of turning the nonprofit into a vehicle for private enrichment. However, a US jury in May ruled against Musk, finding the AI company not liable, which removed a key overhang on the IPO and cleared a major legal hurdle for public market investors.