How to invest in OpenAI pre-IPO

Since ChatGPT launched in late 2022, generative AI has reshaped how people work, create and communicate. ChatGPT was the fastest-growing app in history based on reaching over 100 million users in two months (although it was later overtaken by Meta's Threads app).⁵ As of February 2026, ChatGPT has scaled to over 900 million weekly active users.⁶

OpenAI, the company behind ChatGPT and other tools like image generator DALL·E, has captured significant attention from investors and partners. Microsoft alone has reportedly invested $13 billion+ in the company.⁷ OpenAI's valuation has grown from $86 billion in early 2024⁸ to a current Forge Price of $894.33 billion,¹ reflecting the intensity of investor interest in AI.

But large institutional backers are not the only ones following OpenAI's trajectory. The company has confidentially filed to go public, although the timing is unclear at this point. Some early reports suggested late 2026, but the company may wait until 2027 to try to achieve a $1 trillion+ valuation.⁴

Meanwhile, accredited investors may be able to access pre-IPO OpenAI stock through a private marketplace, such as Forge, subject to share availability and eligibility requirements. Below, we examine what investors may want to know about OpenAI stock and how to potentially invest in pre-IPO OpenAI shares, including possible indirect exposure for retail investors.

OpenAI: Company background

OpenAI was founded in 2015 as a nonprofit AI research lab. Its founding team of 11 individuals included well-known tech leaders such as Elon Musk and machine learning expert Ilya Sutskever, though neither remains with the company.⁹ Co-founder Sam Altman continues to serve as Chief Executive Officer, despite a temporary departure in late 2023.¹⁰

In 2019, OpenAI created a capped-profit subsidiary, OpenAI Global LLC, that remained majority owned by the OpenAI nonprofit, OpenAI Inc. This structure allowed OpenAI to raise significant external funding while maintaining a governance layer rooted in its original mission.¹¹ In October 2025, OpenAI completed the conversion of the capped-profit entity into a for-profit public benefit corporation (PBC), a restructuring that removed the profit cap and gave the nonprofit a minority ownership stake, while paving the way for a potential IPO.¹²

OpenAI's core products include the GPT family of large language models, ChatGPT (its consumer-facing AI assistant), DALL·E (an image generator), Sora (a video generation model), Codex (an agentic coding platform) and an API platform used by developers and enterprises worldwide. The company is headquartered in San Francisco, CA.¹³

OpenAI stock history and funding history

Forge Data as of 08/28/2026

OpenAI's funding history reflects its unusual corporate origins and rapid growth. Because the company started as a nonprofit, its earliest backers, including entrepreneurs such as Reid Hoffman and Peter Thiel, provided what were technically considered donations.¹⁴

Microsoft's strategic partnership and reported $13 billion+ in cumulative funding since 2019 resulted in Microsoft owning 27% of OpenAI following OpenAI's corporate restructuring in 2025.⁷

Other early investors include Andreessen Horowitz, Bedrock Capital, Sequoia Capital and Tiger Global Management, who together with Microsoft invested $193.83 million in funding in 2019 at $1.94 billion valuation. In 2023, Andreessen Horowitz, Founders Fund, K2 Global, Sequoia Capital and Thrive Capital invested another $150 million at a $28 billion valuation.¹⁵ In April 2024, undisclosed investors added $396 million in funding at an $87 billion valuation.¹⁵ Later that year, in October 2024, OpenAI raised $13.33 billion at a $157 billion valuation, with investment from Andreessen Horowitz, Founders Fund, K2 Global, Microsoft, Sequoia Capital and Thrive Capital.¹⁵ Shortly after, in March 2025, OpenAI raised $41 billion at a $300 billion valuation, with investors such as Altimeter Capital, Coatue Management, Fidelity, Khosla Ventures, Microsoft, Nvidia and Softbank participating.¹⁵

In October 2025, OpenAI's valuation then rose to $500 billion with a tender offer that totaled $6.6 billion, short of the allotted $10.3 billion.¹⁶ This valuation then held with a $1 billion funding round in December 2025. Most recently, in March 2026, OpenAI raised over $122 billion, bringing its valuation to $852 billion. Investors included Amazon, Andreessen Horowitz, D.E. Shaw Ventures, MGX, Microsoft, Nvidia, Softbank, Tpg and T. Rowe Price.¹ Bloomberg also reported in August 2026 that OpenAI completed a tender offer at the same $852 billion valuation, buying back around $7 billion worth of employee OpenAI equity.²

OpenAI's Forge Price is $721.85 at an $894.33 billion valuation, as of August 28, 2026.¹

Forge Data as of 08/28/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

OpenAI IPO outlook

OpenAI confirmed in June 2026 that it confidentially filed its S-1 registration statement with the Securities and Exchange Commission (SEC).³ Yet the company has not confirmed key details such as a listing date, listing price or the number of shares it will list.

However, reporting has indicated that the company is targeting a valuation of at least $1 trillion. Initially, OpenAI reportedly was eyeing a late 2026 listing, in a race to go public before Anthropic. However, the company reportedly may now wait until 2027 in order to try to achieve a $1 trillion+ valuation, amidst potentially challenging market conditions currently.⁴

For updates on OpenAI's IPO status, visit the OpenAI IPO page on Forge.

How to invest in OpenAI stock

OpenAI has not gone public yet, and as such, its shares are not available to trade via traditional brokerages.

Instead, accredited investors may be able to access shares of some pre-IPO companies like OpenAI through secondary market transactions on private marketplaces like Forge, through which existing shareholders such as employees or early investors may sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.¹⁷

However, private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Potential indirect exposure to OpenAI for non-accredited investors

Non-accredited investors who are interested in the AI sector but cannot directly access pre-IPO shares of OpenAI may consider indirect or thematic alternatives. These do not provide direct ownership of OpenAI, but they may offer potential exposure to similar AI-related trends.

For example, investors can buy publicly traded stock in Microsoft, which has invested in OpenAI. Purchasing Microsoft stock means investing in the entirety of Microsoft's business, not just the portion connected to OpenAI, though, so exposure may be limited.

Other publicly traded companies in AI infrastructure, such as chipmakers or cloud computing providers, may also provide exposure to the potential growth of the AI sector. In addition to allocating to individual AI-related public companies, retail investors might invest in thematic ETFs or mutual funds, such as those that specifically invest in AI companies or those that invest in a broad range of tech companies. Some publicly traded funds may even hold a small slice of OpenAI shares, but that would still provide limited, indirect ownership, while exposing the investor to many other companies as well.

How to analyze OpenAI stock

Prospective investors should arguably analyze OpenAI stock before investing, rather than following momentum without considering risk. Part of this analysis could include using the Forge Price to compare OpenAI's stock price history to other AI-related private companies that trade on Forge.

Investors might also examine OpenAI's estimated valuation relative to comparable publicly traded companies to gauge how much additional growth they believe is feasible. Revenue trajectory, competitive positioning against companies like Anthropic and Google, and the broader market opportunity for generative AI are all relevant considerations.

It is worth noting that private companies generally provide less financial disclosure than public companies. Valuation in the private market can be subjective and is influenced by factors including funding round dynamics, investor demand and market conditions.

That said, one reported data point to consider may be Bloomberg's August 2026 report that OpenAI's annualized revenue is on track to surpass $40 billion — approximately doubling its 2025 revenue.¹⁸ Yet rival Anthropic has reportedly reached an annualized revenue run rate of $65 billion, as of the end of July 2026.¹⁹

Potential risks of investing in pre-IPO OpenAI stock

Investing in private, pre-IPO companies involves risks that can affect company performance, valuation, liquidity and potential investment outcomes. Investors should conduct their own due diligence before making investment decisions. Potential risk factors for OpenAI include:

• Company-specific and customer risk. OpenAI remains a young company in a new area of technology. It remains to be seen if/how exactly the company will be able to turn its initial developments into long-term financial success, as well as how customers will want to use OpenAI's products going forward.
• Competitive pressures. OpenAI faces well-funded competition from Anthropic, Google DeepMind, Meta AI, xAI (now part of SpaceX) and other organizations investing heavily in AI research and development.
• Execution and regulatory challenges. Scaling AI models requires significant compute resources and capital. In addition to trying to execute plans such as data center buildouts, Evolving AI-related regulation at the local, state, federal and international levels could affect OpenAI's operations and growth trajectory.
• Valuation considerations. OpenAI's valuation has grown rapidly across successive funding rounds. High valuations generally carry elevated high expectations, and there is no guarantee that future performance will support current or higher price levels.
• Private market investing risks. Private market shares are often illiquid, information is limited compared with public companies and transfer restrictions can constrain when and whether an investor can sell.
• Potential loss of capital. As with any investment, and especially with speculative pre-IPO holdings, investors could lose some or all of their capital.

The risks above are not exhaustive. Investors should consider their own financial situation and risk tolerance before investing in any private company.

Learn more about investing in OpenAI on Forge

If you are interested in investing in OpenAI before a potential IPO if/when shares become available, you can open a free Forge account. Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors.

Not sure where to begin? You can read our buyer's guide to investing in private market shares. And if questions come up along the way, Forge's experienced specialists are available to support you.