The $852B ChatGPT maker filed to go public.
OpenAI filed a confidential S-1 on June 8 at a ~$852B valuation, with reports targeting up to $1T at debut. Timing is undecided — leadership says it "may be a while" — but the path is set. Bidness tracks the road to the largest tech IPO since SpaceX.
The price of staying private
Live read on the company
What we're watching
S-1 Filing
Confidential S-1 filed June 8. Path confirmed; exact timing still undecided.
Timing Risk
Leadership says a listing "may be a while." Polymarket prices ~50% odds of no 2026 close.
Valuation Setup
$852B last round; banks reportedly targeting up to $1T at debut.
Compute Obligations
Reported ~$1.4T in infrastructure commitments — a financing overhang worth watching.
Confidential S-1 filed June 8, a week after Anthropic. $852B last round, banks reportedly targeting up to $1T at debut. The catch: OpenAI says timing "may be a while," and Polymarket prices roughly 50% odds of no 2026 listing. Filed — but not in a hurry.
How to play it in the public market
Largest backer and exclusive cloud partner via Azure. Direct equity and revenue exposure.
The compute supplier and an investor. OpenAI capex = GPU orders.
Gemini is the head-to-head rival. Search and assistant share is the battleground.
Second-source AI silicon; multi-gigawatt OpenAI commitments announced.
The road to first trade
- 2026-06
Confidential S-1 filed
OpenAI files June 8 but says timing "may be a while" — late 2026 or 2027.
- 2026-03
$122B round at $852B
Largest funding round on record lifts OpenAI to $852B.
- 2026-Q4
Listing window (projected)
Polymarket prices ~50% odds of a 2026 close; could slip to 2027.
- 2025-04
SoftBank round at $300B
Record private financing led by SoftBank.
- 2015-12
OpenAI founded
Founded as a research lab; ChatGPT (2022) turns it into the fastest-growing app in history.