OpenAI Upcoming IPO: ChatGPT maker races Anthropic to public market debut
OpenAI has confidentially filed for an IPO, as reported in June 2026, working with Goldman Sachs and Morgan Stanley as underwriters.1 The filing sets up a potential public debut as soon as late 2026, as it races rival Anthropic (which also confidentially filed its S-1 just before OpenAI6) to an IPO. However, recent reports suggest OpenAI may wait until 2027 to go public.2
That potential delay comes as OpenAI Co-Founder and Chief Executive Officer Sam Altman has reportedly pushed for an IPO that values the company at $1 trillion, and a suggested plan to go public sooner at a lower valuation was a "nonstarter," according to The New York Times.2
The prospective IPO would come on the heels on SpaceX, which completed the largest IPO ever in June 2026, raising $75 billion at a $1.77 trillion valuation.7 However, SpaceX's stock has since declined, which has reportedly contributed to OpenAI's shifting plans.2 Meanwhile, Anthropic could reportedly hit a $2 trillion valuation with an IPO that could come this October.8
In addition to having mega valuations and AI in common, these companies' paths to the public market may overlap.
In OpenAI's case, a May 2026 win in a lawsuit brought by Elon Musk (SpaceX founder and Chief Executive Officer) helped clear the way for a potential IPO.9 And the race against Anthropic to go public seemingly has a lot to do with trying to win over a larger share of investors,10 amidst these companies' own significant investments in AI infrastructure.
Bringing more data center capacity online potentially means these companies can improve their models faster while feeding more customer demand. In Anthropic's case, it struck a deal in May 2026 to rent capacity from SpaceX11 while it also invests in other major infrastructure buildouts.12 Meanwhile, OpenAI has committed $1.4 trillion over seven to eight years for data center infrastructure deals, including through its Stargate project with partners like SoftBank and Oracle.13 OpenAI is also leasing data center capacity. In August 2026, Nvidia reportedly is committing up to $105 billion to build one of the world’s largest data centers in Ohio, with OpenAI expected to lease capacity from the facility.14
So, while there may be some friendly competition behind the scenes to win some press and prestige for IPOing first, there's a financial element at play, too.
Going public, however, comes with substantially greater disclosure requirements and scrutiny.
For now, OpenAI does not have to disclose financial details nearly to the extent it would if it were public already. An IPO conducted before any company meets public market expectations may risk a lower valuation than it could achieve under more optimal conditions.
As such, despite the headlines around OpenAI getting ready to go public, Altman reportedly told staff in May that an IPO filing is not the same as being IPO-ready and the company would wait until it's prepared to go public.5
The timing of any IPO filing or public offering remains uncertain. Until then, interested accredited investors may be able to invest in OpenAI stock pre-IPO through a private marketplace such as Forge, subject to availability and eligibility.
OpenAI: Company background
OpenAI began in 2015 in San Francisco as a nonprofit AI research lab, led by 11 cofounders, including Elon Musk, Greg Brockman, Ilya Sutskever, Sam Altman and Wojciech Zaremba, among others.15
Musk has since left and been embroiled in legal battles with OpenAI, amidst OpenAI's evolving corporate structure.16 While there's still a nonprofit arm that has a stake in the for-profit version of OpenAI, the change in structure is what has allowed the company to accelerate funding17 and set its sights on an IPO.18
The company is best known for creating ChatGPT, which debuted in November 2022, helping to kick off the current AI era.19
OpenAI IPO date and timeline
OpenAI filed its S-1 registration statement confidentially with the Securities and Exchange Commission (SEC), as the company confirmed in June 2026.20 However, the company has not confirmed key details such as a listing date or valuation.
That said, reporting has indicated that the company is targeting a valuation of at least $1 trillion. While it initially seemed to eye a late 2026 listing, trying to achieve that valuation may mean that company waits until 2027 to go public.2
For updates on OpenAI's IPO status, visit the OpenAI IPO page on Forge.
Commercializing AI
As OpenAI transitioned its corporate structure and released new ChatGPT models, it also has seen rapid commercialization and significantly contributed to a flurry of AI-related spending and investments.21
From 2023 to 2025, OpenAI's compute approximately tripled each year from 0.2 gigawatts (GW) in 2023 to around 1.9 GW in 2025. Meanwhile, revenue grew at approximately the same pace, from $2 billion in annual recurring revenue (ARR) in 2023 to over $20 billion in 2025.22
In August 2026, Bloomberg reported that OpenAI's annualized revenue is on track to surpass $40 billion — approximately doubling its 2025 revenue.23 However, rival Anthropic, the company behind the Claude chatbot, has reportedly hit an annualized revenue run rate of $65 billion as of the end of July 2026.24
Long term, there's potential for significantly more revenue from areas like advertising within ChatGPT, as well as other enterprise AI tools like Codex, a coding agent.25 OpenAI projects over $280 billion in revenue by 2030, though it remains to be seen whether that type of lofty figure is realistic.26
OpenAI stock price history
OpenAI's Forge Price is $721.85 at an $894.33 billion valuation as of August 31, 2026.3 That's up about 5% from an $852 billion Series C valuation in March 2026, its most recent primary funding round.3 More dramatically, OpenAI's early 2024 Forge Price was $150 at an $87 billion valuation, meaning the current valuation has increased more than tenfold.3
Forge Data as of 08/31/2026
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 funding history and private market valuation
OpenAI's funding history reflects its rise from research nonprofit to one of the most valuable private companies in the world. Its first primary funding round came in July 2019, when it raised $193.83 million at a $1.94 billion valuation, with investors such as Microsoft, Sequoia Capital, Tiger Global Management and Andreessen Horowitz participating.27
Forge Data as of 08/31/2026
After ChatGPT debuted in late 2022, the pace and scale of funding accelerated. In April 2023, OpenAI raised $150 million at a $28 billion valuation. A year and a half later, in October 2024, OpenAI raised $13.33 billion at a $157 billion valuation, with repeat investors including Microsoft, Sequoia Capital, Andreessen Horowitz, Thrive Capital, K2 Global and Founders Fund.27
Just a few months later, in March 2025, OpenAI nearly doubled its valuation to $300 billion, raising $41 billion, which included investors like Fidelity, Nvidia, Tiger Global Management and SoftBank. In October 2025, a tender offer took its valuation to $500 billion, and the company also raised another $1 billion in December 2025 at a $500 billion valuation.27
OpenAI's most recent primary funding round came in March 2026, when it raised $122 billion at an $852 billion valuation. The round included a wide range of investors such as Amazon, D. E. Shaw Ventures, Nvidia, SoftBank and T. Rowe Price.27
In August 2026, OpenAI also reportedly completed another tender offer, connected to this March funding round, totaling around $7 billion in secondary share sales from current and former employees at the same $852 billion valuation.28
How to invest in OpenAI pre-IPO
OpenAI remains a private company for now, 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.29
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.
Looking ahead
As OpenAI navigates the path toward a potential public offering, investors will be watching for key milestones: a public S-1 filing, roadshow announcements and official pricing details. While reports point to a late 2026 or 2027 listing,2 timing and valuation remain subject to market conditions and the company's internal readiness.5
That said, IPO timelines and plans can change quickly. Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a potential OpenAI IPO and other pending public offerings.
To start exploring pre-IPO opportunities, accredited investors may create an account with Forge. After creating a free account, eligible investors may have the opportunity to buy and sell shares of private companies, including OpenAI, subject to availability.
FAQs about the OpenAI upcoming IPO
What does OpenAI do?
OpenAI is an AI company best known for creating ChatGPT, a generative AI chatbot. The company has also expanded into products like Codex, an AI coding agent
When is OpenAI likely planning an IPO?
OpenAI has confidentially filed for an IPO and was reportedly targeting a listing in late 2026, but that may be pushed back to 2027, depending on factors such as market conditions that may affect the offering.2 Reporting from The Information highlighted how the company will wait until it feels ready to go public, and filing for an IPO is not the same as being ready to go public immediately.5
Who are OpenAI's key investors?
Some of OpenAI's key investors include Microsoft, SoftBank, Nvidia, Andreessen Horowitz, Sequoia Capital and Thrive Capital, among many others.27
Can anyone invest in OpenAI?
Currently, OpenAI remains a private market company, so OpenAI stock is typically only available to accredited investors. Outside of primary funding rounds, individual accredited investors may be eligible to buy OpenAI stock through a private marketplace such as Forge. If OpenAI does conduct an IPO as anticipated, then the general public would be eligible to invest in the company.
What are the risks of investing in OpenAI?
If OpenAI goes forward with an IPO filing, its prospectus will detail investment risks from the company's perspective. Meanwhile, prospective investors might consider risks such as:
- Competition from other large language model (LLM) creators like Anthropic, Google, Meta and Mistral.
- Revenue not meeting expectations, such as if advertising does not scale as anticipated, that could limit OpenAI's ability to meet long-term infrastructure commitments and goals.
- Regulation limiting commercial opportunities for AI companies or increasing operational expenses.
Also, for those considering investing in OpenAI pre-IPO, be aware that private market investing carries risks, including but not limited to the potential for loss of value, limited liquidity for exiting positions, less transparency into financials and other data compared with publicly traded stocks and other general risks entailed in any type of investment.
