Will Sam Altman’s company break all records?
OpenAI is laying the groundwork for an initial public offering that could reach an astronomical valuation of $1,000 billion, according to three sources close to the matter and reported by Reuters.
If this operation materializes, it would rank among the largest in the history of financial markets.
A filing with securities authorities in 2026
Sarah Friar, OpenAI’s chief financial officer, has confided to some colleagues a target listing in 2027. However, external advisors are betting on an acceleration, possibly as early as the end of 2026.
When contacted, a company spokesperson stated: “An IPO is not our priority, and we have set no date. We are building a sustainable company to advance our mission for the benefit of all through general AI.”
Preparations following a major restructuring
Recent changes that reduce dependence on Microsoft and facilitate access to public capital.
A listing would enable smoother fundraising and ambitious acquisitions via stock swaps, thereby supporting Sam Altman’s pharaonic projects. The CEO is indeed aiming for investments of several trillion dollars in AI infrastructure.
Unprecedented losses
With projected annualized revenue of about $20 billion by year-end, OpenAI, valued at $500 billion, is facing growing losses. These financial challenges underscore the urgency of turning to the markets to fund expansion.
During a live stream on Tuesday, Sam Altman addressed this prospect: “It’s probably the most likely path for us, given our capital needs.”A restructuring to align mission and profits: Founded in 2015 as a nonprofit organization, OpenAI has evolved by creating a for-profit entity under the nonprofit’s control, to ensure ethical AI development rather than a race for profits.
This week, a new overhaul was announced: the nonprofit, renamed OpenAI Foundation, now holds 26% of the OpenAI group and a right to additional shares upon achieving specific objectives.
This setup more closely ties the original mission to financial outcomes. Microsoft, a major investor with $13 billion injected, owns about 27% of the company.Other backers like SoftBank, Thrive Capital, and Abu Dhabi’s sovereign fund MGX could reap substantial gains in the event of a successful IPO.
A favorable context driven by the AI boom
These deliberations are taking place amid market excitement around AI. CoreWeave, an AI cloud specialist, went public earlier this year at $23 billion and has seen its value triple since. On Wednesday, Nvidia surpassed the $5,000 billion market capitalization milestone, illustrating the central role of chips in the AI revolution.
In Abilene, Texas, OpenAI’s data center construction sites are progressing rapidly, symbolized by metal structures under assembly during a visit in September 2025. These massive infrastructures embody the company’s voracious ambitions for energy and computing power.
If OpenAI crosses this threshold, it would mark a turning point for the industry, transforming a once-idealistic entity into a publicly traded giant, while navigating between lightning-fast innovation and financial imperatives. The coming months will be decisive in refining this strategy in a sector in full effervescence.
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