OpenAI Prepares Massive $730 Billion IPO for September 2026 Debut
OpenAI is assembling a confidential IPO filing with Goldman Sachs and Morgan Stanley, targeting a public market debut in September 2026 at a valuation around $730 billion, which would make it the largest technology IPO in history.
The IPO Plan
OpenAI is preparing a confidential IPO filing with Goldman Sachs and Morgan Stanley, targeting a public debut as soon as September 2026 at a private-market valuation around $730 billion. If it prices anywhere near that number, it becomes the largest technology IPO in history by a wide margin, and one of the defining market events of the decade.
Preparation Underway
The company has been assembling the machinery for months: TechCrunch reported in June that OpenAI was bringing on senior finance and policy heavyweights ahead of a listing, and on July 6 it hired Dean Ball to lead a new Strategic Futures team reporting directly to Chief Strategy Officer Jason Kwon. This leadership hiring suggests OpenAI's board is serious about moving toward public markets within months.
Competitive Backdrop
Fortune reports that Anthropic has overtaken OpenAI on revenue, running at roughly $47 billion annualized against OpenAI's projected $25 to $33 billion for 2026. The competitive pressure from Anthropic and other AI labs may be accelerating OpenAI's timeline to public markets, where it can access capital more freely.
What It Means
An OpenAI IPO at $730 billion would represent a dramatic shift in how AI companies access capital and governance. It would also immediately create multiple AI companies valued in the hundreds of billions—a remarkable transformation for an industry that barely existed a decade ago.