OpenAI Eyes $1 Trillion IPO in September
A long aisle of advanced AI server racks in a modern data center.
Key Highlights
OpenAI files S-1 for a September IPO, targeting a massive $852B-$1T valuation despite significant compute spending and negative margins. Key underwriters revealed.
OpenAI confidentially filed its S-1 prospectus with the SEC in May 2026, setting the stage for a September that could value the company between $852 billion and $1 trillion.
Financial Snapshot Revealed
- Target IPO valuation: $852 billion to $1 trillion
- Annualized revenue: Approximately $25 billion
- Non-GAAP operating margin: Negative 122%
- Projected compute spending through 2030: $750 billion
- Lead underwriters: Goldman Sachs and Morgan Stanley
The company is experiencing rapid growth, yet also significant losses, as it projects compute spending of $750 billion through 2030. This substantial investment includes major contracts with Oracle, AWS, and Microsoft Azure, alongside plans to build its own data centers.
IPO Timing and Market Scrutiny
The timing for this potential IPO presents challenges, with recent declines in investor confidence within the semiconductor market regarding AI infrastructure returns. The full prospectus, anticipated mid-to-late August, will offer the first audited financial details for investors to meticulously examine.