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OpenAI Eyes $1 Trillion IPO in September

By ThePip DeskOpenAI Eyes $1 Trillion IPO in September

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 IPO 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.

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    OpenAI Eyes $1 Trillion IPO in September | ThePip