In a move that could redefine the global financial landscape, OpenAI is reportedly laying the groundwork for an Initial Public Offering (IPO) in the fourth quarter of 2026.
According to a Wall Street Journal report on January 29, 2026, the ChatGPT maker has begun informal discussions with investment banks and is aggressively expanding its finance team to prepare for what would be one of the largest public debuts in history.
1. The Strategy: Beating Anthropic to the Punch
The acceleration of OpenAI’s IPO timeline is driven by a “race to the public markets” against its chief rival, Anthropic.
- The “Claude” Factor: Anthropic is also reportedly eyeing a late-2026 IPO. OpenAI executives are concerned that if Anthropic lists first, it could capture the lion’s share of public market “AI appetite” before OpenAI can debut.
- Financial Readiness: OpenAI recently hired Ajmere Dale as Chief Accounting Officer and Cynthia Gaylor (formerly of Netflix and DocuSign) to lead corporate finance and investor relations.
2. Valuation: The World’s First $1 Trillion IPO?
While OpenAI was valued at roughly $500 billion in late 2025, the projected IPO valuation is reaching unprecedented levels.
- The $830 Billion Floor: Current private funding rounds involving Amazon ($50B), SoftBank ($30B), and Nvidia are valuing the company at $830 billion.
- The $1 Trillion Target: Analysts at Reuters and Bloomberg suggest that by the time the Q4 2026 IPO arrives, OpenAI’s valuation could soar past $1 trillion, especially if it demonstrates a clear path to its goal of $200 billion in annual revenue by 2030.
3. Why Go Public Now? The $1.4 Trillion Burn
OpenAI’s “insatiable” need for capital is the primary driver for a public listing.
- Infrastructure Costs: The company has committed to a $1.4 trillion spending roadmap through 2030 to build massive data centers (like Project Stargate) and custom AI chips.
- 2025 Losses: Reports indicate OpenAI lost over $25 billion in 2025 due to compute costs and research R&D.
- Shareholder Liquidity: After years of staying private, early employees and VCs are seeking a path to liquidity that only a public market can provide at this scale.
4. Sam Altman’s “0% Interest”
Despite the preparations, OpenAI CEO Sam Altman remains publicly ambivalent about leading a public company.
- The “Annoyance” Factor: In a January 2026 interview, Altman stated his personal excitement for being a public company CEO is “0%,” citing the quarterly pressures and regulatory scrutiny as “annoying.”
- The Necessity: However, he acknowledged that OpenAI will eventually “cross all the shareholder limits” that make a public listing a legal and practical necessity for a company of its size.
Conclusion: The “Year of the Hectocorn”
2026 is shaping up to be the year of the “Hectocorn” (startups valued over $100B), with SpaceX, Anthropic, and OpenAI all potentially hitting the tape. For OpenAI, a Q4 listing would serve as a massive referendum on the “AI Bubble” theory. If the company can successfully go public at a $1 trillion valuation while losing billions annually, it will signal that the public market is fully committed to the long-term, capital-intensive pursuit of Artificial General Intelligence (AGI).
