Reuters: OpenAI lays groundwork for an IPO that could value it at up to $1T
Three people familiar with the matter told Reuters on Thursday that OpenAI is preparing for an initial public offering that could value the company at up to $1 trillion, with a filing possible as soon as the second half of 2026. Preliminary discussions have looked at raising $60 billion at the low end, and CFO Sarah Friar has told associates she is aiming for a 2027 listing. OpenAI's response was flat: an IPO is not our focus, so we could not possibly have set a date.
The calendar is the story. The report lands two days after the recapitalization closed and a day after Reuters' own piece on the $250 billion Azure commitment, which together replace the old capped-profit structure with a clean nonprofit-plus-PBC cap table and a defined AGI trigger. Microsoft, SoftBank, Thrive Capital and Abu Dhabi's MGX are the named backers who would be crystallizing positions; Microsoft's stake alone is carried at roughly $135 billion.
WHY IT MATTERS
A public OpenAI means disclosed compute commitments, disclosed unit economics, and a pricing strategy that has to survive quarterly reporting — all of which set the reference price every other inference provider competes against. For architects, the decision-relevant question is whether your provider's roadmap is being written for enterprise contracts or for a prospectus.

