OpenAI, the company behind ChatGPT, is moving toward a public listing in what could become one of the largest initial public offerings in stock market history, as competition in the artificial intelligence sector accelerates among major technology firms.
According to the Wall Street Journal, the company is preparing to file for an IPO within days, with Chief Executive Sam Altman reportedly targeting a public debut as early as September 2026. The move would mark a major transformation for OpenAI, which began in 2015 as a nonprofit research organisation and has since evolved into one of the most influential players in global artificial intelligence.
The planned listing is expected to raise around $60 billion, which would surpass Saudi Aramco’s 2019 record IPO of $25.6 billion, according to Deutsche Bank Research. However, analysts note that OpenAI’s position at the top of the rankings could be challenged by SpaceX, which has also filed IPO plans and is reportedly targeting a raise of up to $75 billion at a valuation approaching $2 trillion.
If OpenAI reaches a valuation above $1 trillion, it would place the company among the top 15 most valuable firms globally, sitting just behind Berkshire Hathaway and ahead of pharmaceutical giant Eli Lilly. Nvidia, meanwhile, remains the dominant force in the sector with a market valuation exceeding $5 trillion, driven by surging demand for AI-related computing infrastructure.
Market analysts say a public listing of OpenAI would significantly reshape investor access to artificial intelligence exposure. At present, most investors rely on indirect options such as semiconductor manufacturers or cloud computing providers. A direct listing of OpenAI would provide one of the first large-scale “pure-play” AI investments in public markets.
“The IPO would trigger strong demand for direct exposure to AI companies,” Deutsche Bank Research noted, highlighting growing retail and institutional interest in the sector.
The competitive landscape is also intensifying. Anthropic, a rival AI firm and creator of Claude, has reportedly surpassed OpenAI in annualised revenue, reaching $30 billion compared with OpenAI’s $25 billion. Projections suggest Anthropic could approach $40 billion in annual recurring revenue in the near term and is also considering a public offering that could exceed $60 billion.
Despite rapid growth across the sector, questions remain over profitability. Deutsche Bank Research estimates OpenAI could generate $30 billion in annualised revenue this month, but may still face cumulative losses of around $44 billion before potentially turning profitable in 2029.
The company has yet to disclose how public markets will assess its long-term financial model, particularly given the high infrastructure costs associated with training and running advanced AI systems. OpenAI completed its transition to a public benefit corporation in late 2025, positioning itself for eventual market entry.
As investor enthusiasm for artificial intelligence continues to build, the coming IPO race between OpenAI and its rivals is expected to be one of the most closely watched developments on global financial markets.
