OpenAI initiates IPO process at up to $1 trillion valuation
OpenAI has filed a confidential S-1 with the SEC, led by Goldman Sachs and Morgan Stanley, for a tentative September 2026 IPO.
The company’s last private valuation was set at $852 billion in a $122 billion funding round in March 2026.
A public valuation above $1 trillion is projected, which would make it the largest technology IPO on record.
Microsoft’s 27% stake and the DOJ’s interest in AI infrastructure concentration may affect the review timeline.