In a move that is anticipated to become history, OpenAI is expected to formally file initial registration papers for a massive $1.25 trillion Initial Public Offering (IPO) with a listing date scheduled for February 2027.
This milestone comes after OpenAI was valued more than $850 billion in the secondary market, backed by sovereign wealth channels and global tech funds. This historic listing will eclipse Saudi Aramco’s 2019 debut that raised $29.4 billion through the public markets.
From Secondary Tenders to the Public Stage
This acceleration has come after a trillion-dollar listing has compounded the asset value of the not-for-profit enterprise, which has seen its revenues vault past $12.5 billion, propelled by strong growth of its premium subscription models and its enterprise cloud API lines.
Leading investors, including Japan’s SoftBank Group, would see their investments valued manifold, even as SoftBank continued to invest in OpenAI through its Vision Fund. So far, SoftBank holds about 11% of the company.
Funding Project Stargate
The primary driver behind OpenAI’s urgent push for an IPO is the urgent need to finance Project Stargate, which requires up to $300 billion to expand supercomputing infrastructure. This would require consistent investments to house millions of next gen AI accelerators as the explosive growth of AI has locked the tech ecosystem into a high investment, high velocity and circular liquidity loop.
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