| IPO Target | Q4 2026 (target) |
| Valuation | $852 billion (March 2026 $122B raise) |
| S-1 Filed | ❌ Not yet (as of May 2026) |
| Total Raised | $200B+ (most-funded private AI company) |
| Revenue (ARR) | $20B+ annualized (early 2026) |
| CEO | Sam Altman |
| Corporate Structure | Public Benefit Corporation (PBC, since Dec 2024) |
| Key Investors | Microsoft (49% commercial), SoftBank, Thrive Capital |
| Pre-IPO Access | How to buy OpenAI pre-IPO → |
Last updated May 12, 2026. Compare: Databricks IPO | Anthropic IPO | Pre-IPO buying guide
Announced in January 2026, Project Stargate is a $500 billion joint venture between OpenAI, SoftBank, and Oracle to build AI data center infrastructure across the United States over 4 years. The initial funding was $100B with a commitment to reach $500B.
This makes Stargate one of the largest technology infrastructure investments in history, rivaling the interstate highway system in scope. For OpenAI's IPO story, it signals long-term infrastructure ownership rather than dependence on third-party cloud providers.
SoftBank, led by Masayoshi Son, is the lead financial partner and will commit the majority of funding. Oracle provides data center operations expertise. The project is seen as a direct response to similar infrastructure commitments from Google and Microsoft.
Unlike SpaceX, which has dedicated ETF exposure, OpenAI pre-IPO access is more limited for retail investors:
⚠️ This is not investment advice. All investment decisions should be made after consulting a licensed financial advisor.
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Profitability Under PressureOpenAI is burning cash at significant scale — reported losses of $5B+ in 2024. The path to profitability requires scale and infrastructure efficiency. High compute costs from training frontier models may persist even as revenue grows.
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PBC Corporate Structure ComplexityOpenAI's conversion to a Public Benefit Corporation (PBC) introduced a novel governance structure. Public market investors accustomed to standard corporate governance may apply valuation discounts due to unclear obligations to the nonprofit's "mission."
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Regulatory & Antitrust ScrutinyThe FTC and DOJ have both indicated interest in AI market concentration. OpenAI's dominant market position and Microsoft's strategic stake may trigger antitrust review as part of the IPO process.
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Microsoft Revenue Share DependencyMicrosoft's ~49% commercial revenue share agreement is a fundamental part of OpenAI's financing structure. Any renegotiation of this deal, or Microsoft pivoting to competing AI products, would materially impact OpenAI's financials.
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Competition from Anthropic, Google, MetaGoogle DeepMind, Anthropic, and Meta AI are all racing to close the capability gap. Reuters (April 8, 2026) reported that Anthropic's revenue is narrowing OpenAI's lead. Multiple well-funded competitors reduce OpenAI's pricing power.
| Round | Amount | Date | Valuation | Lead Investors |
|---|---|---|---|---|
| Mega Round | $122B | Feb 2026 | $852B | SoftBank, Thrive Capital, Sequoia |
| Series F+ | $6.6B | Oct 2024 | $157B | Thrive Capital, Microsoft, Nvidia |
| Strategic | $10B+ | Jan 2023 | $29B | Microsoft (multi-year commitment) |
| Series E | $300M | Apr 2022 | $20B | Sequoia Capital, Andreessen Horowitz |
| Strategic | $1B | 2019 | $1B | Microsoft |
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When is the OpenAI IPO date?
OpenAI is targeting an IPO in Q4 2026 — Sam Altman has reportedly engaged investment banks for a late-2026 listing. The company completed its historic $122B raise in February 2026 and has been actively acquiring companies in 2026 as it scales ahead of the public offering. An S-1 filing is expected mid-to-late 2026.
Is OpenAI going public?
Yes — OpenAI is actively preparing to go public. The company converted to a Public Benefit Corporation (PBC) in December 2024, hired IPO-prep executives including CFO Sarah Friar, and Sam Altman has reportedly engaged investment banks for a Q4 2026 listing. OpenAI is the most-searched pre-IPO company globally.
What is the OpenAI IPO valuation?
OpenAI's most recent valuation is $852 billion from its March 2026 fundraising round that raised $122 billion. The company has raised over $200 billion in total, making it the most-funded private AI company in history. IPO valuation will depend on market conditions at time of listing.
How can I buy OpenAI stock before the IPO?
Options include: Forge Global and EquityZen for secondary shares (accredited investors only), Microsoft (MSFT) for indirect exposure via its 49% commercial stake, Destiny Tech100 (DXYZ) which holds a direct OpenAI position and trades on NYSE, and SoftBank as the Stargate JV partner. See our full OpenAI pre-IPO buying guide →
What is the OpenAI stock ticker symbol?
OpenAI has not announced an official ticker symbol. Expected candidates include OAAI, OAI, or CHAT. The official ticker and exchange (Nasdaq or NYSE) will be disclosed when the S-1 is filed.
How do Microsoft and OpenAI's partnership work?
Microsoft has invested $10B+ in OpenAI and receives approximately 49% of commercial revenue from OpenAI's products until Microsoft recoups its investment plus a return. Microsoft integrates OpenAI's models into Azure, GitHub Copilot, Office 365, and Bing. After recoupment, this revenue share declines. This agreement will need to be disclosed fully in the S-1.
What is OpenAI's revenue?
OpenAI's annualized revenue run rate is $20B+ as of early 2026, up from $9B in late 2024. Revenue comes from ChatGPT subscriptions, API/enterprise contracts, and the Microsoft commercial agreement. The S-1 will disclose exact figures. For comparison, see the Databricks IPO page which targets $3.5B+ ARR.