Key Information You Need to Know About the OpenAI IPO

TradingKey - On June 8, ET, ChatGPT parent OpenAI formally filed a confidential IPO application with the U.S. Securities and Exchange Commission (SEC), becoming the second AI super unicorn to pursue a public listing after Anthropic. Driven by approximately 900 million weekly active users and a rapidly expanding enterprise business, OpenAI is expected to debut on the capital markets with a valuation nearing $1 trillion.

I. What kind of company is OpenAI?

Founded in December 2015 by tech leaders including Sam Altman, Elon Musk, and Peter Thiel, OpenAI is headquartered in San Francisco. The company initially operated as a non-profit research institution with a mission to "achieve safe artificial general intelligence." In 2019, OpenAI transitioned into a "capped-profit" hybrid structure and began accepting external investment.

Since then, OpenAI has released a series of breakthrough AI products, including GPT-3, ChatGPT, GPT-4, DALL·E, and Sora. ChatGPT, launched in November 2022, became the fastest-growing consumer application in internet history. Currently, OpenAI's product suite encompasses large language models, image and video generation, AI agents, and enterprise-grade API services, with its latest model, GPT-5, already in internal testing.

II. OpenAI IPO Timeline: Expected Listing Schedule

According to multiple media reports, OpenAI could formally list on Nasdaq or the NYSE as early as the fourth quarter of 2026. The company has previously held discussions with Goldman Sachs ( GS) and Morgan Stanley ( MS) regarding underwriting arrangements, and subsequently included Citigroup ( C) and JPMorgan Chase ( JPM) in the underwriting syndicate. Prior to the official IPO, OpenAI plans to launch an employee share transfer program, allowing employees to sell a portion of their equity at the current valuation.

Funding History Review :

III. OpenAI’s Financial Performance: High Growth Accompanied by High Losses

OpenAI’s revenue maintained explosive growth in 2026. First-quarter revenue reached approximately $5.7 billion, with a full-year revenue target of $30 billion. Weekly active users for ChatGPT stood at approximately 905 million, while the number of enterprise customers doubled year-over-year.

However, behind this high growth lie persistent and massive losses. In the first quarter of 2026, the adjusted operating margin was -122%, meaning the company lost approximately $1.22 for every $1 of revenue generated. The company forecasts a full-year loss of around $14 billion for 2026, with inference costs alone reaching $14.1 billion. OpenAI does not expect to achieve positive cash flow until 2030.

Section IV. Competitive Landscape: OpenAI vs. Anthropic

Anthropic led the way by filing for an IPO on June 1, 2026. The rivalry between the two firms has fully extended from model capabilities to valuation, revenue, and market share.

In terms of enterprise AI spending share, Anthropic surpassed OpenAI for the first time in April 2026, ending OpenAI’s two-year lead. However, OpenAI still maintains an absolute advantage on the consumer side: ChatGPT has approximately 905 million weekly active users, whereas Claude’s specific user numbers have not been disclosed.

V. Investor Lineup: Tech Giants and Top-tier Capital

OpenAI's investor lineup is a true "tech all-star" cast. In the $122 billion financing round completed in April 2026, the primary contributors included:

Amazon ( AMZN) committed $50 billion, SoftBank (9984.T) contributed $30 billion, Nvidia ( NVDA) contributed $30 billion, Microsoft ( MSFT) continued its participation, with the specific amount undisclosed. Furthermore, this funding round was opened to individual investors through banking channels for the first time, raising over $3 billion.

Early investors also include top-tier venture capital firms such as Sequoia Capital, Khosla Ventures, Founders Fund, and Tiger Global. Unlike Anthropic, OpenAI's list of shareholders lacks Google ( GOOGL ), but it maintains deep strategic ties with the two major cloud providers, Microsoft and Amazon.

6. How to participate in the OpenAI IPO?

Individual investors can participate in OpenAI's IPO through the following methods:

1. Pre-IPO / Secondary Market Platforms

Traditional secondary market platforms (such as Forge, EquityZen, and Nasdaq Private Market) typically only allow accredited investors to participate. It is important to note that it remains unclear whether OpenAI will follow Anthropic's lead in banning unapproved secondary market transfers; investors should closely monitor the company's latest announcements.

2. Investing in OpenAI's Shareholder Companies

OpenAI's major shareholders include several public companies; investing in these firms allows for indirect exposure to the gains from OpenAI's growth.

3. Investing in AI-Themed ETFs

The following ETFs explicitly state in their prospectuses that they invest in AI-related companies. Once OpenAI goes public, they may include it in their holdings:

4. Buying Directly After the Official IPO Listing

The most direct method is to buy on the secondary market through a U.S. brokerage account once OpenAI completes its IPO. However, it should be noted that as a highly anticipated tech leader, OpenAI may open significantly higher on its first day of trading; investors should carefully evaluate valuation levels.