OpenAI has surpassed $25 billion in annualized revenue and is preparing for an IPO that could begin as early as Q4 2026. The Information reported in early March, citing a person familiar with the figures, while Sacra estimated that OpenAI reached the mark by the end of February 2026. That compares with $6 billion at the end of 2024.
The growth has been driven by ChatGPT subscriptions and enterprise adoption. The report said no software company has scaled to this revenue level in a comparable time frame.
Advisers line up for a filing in the second half of 2026
Chief Financial Officer Sarah Friar has told associates that OpenAI is aiming for a regulatory filing in the second half of 2026, with a potential listing in 2027. Goldman Sachs, JPMorgan, and Morgan Stanley are in discussions to advise on the offering.
Friar also said the company plans to allocate part of its IPO shares to retail investors. She described that as “good hygiene” for a company of OpenAI’s size, a sign that the firm is already operating with public-market discipline in mind.
Explosive revenue growth has not fixed the economics
OpenAI’s scale-up has come with heavy spending. The company generated $13.1 billion in revenue in 2025 and spent about $22 billion over the same period. Annual cash burn is projected to reach $57 billion by 2027, and OpenAI does not expect to break even until 2030.
The $122 billion raised in March gives the company roughly 18 to 24 months of runway before another major capital event is needed. On those numbers, access to public markets looks less like a strategic option and more like a financing requirement.
Structure changes and competition tighten the listing window
OpenAI’s conversion in April 2026 to a public benefit corporation removed a structural obstacle tied to its nonprofit roots. At the same time, rival Anthropic is pursuing a $50 billion raise at a $900 billion valuation, putting pressure on timing as AI companies compete for investor attention.
Prediction and secondary markets are also reflecting that urgency. Kalshi contracts priced the probability of OpenAI announcing an IPO at close to maximum confidence for contracts resolving by early 2026, while on-chain secondary markets have implied Anthropic is valued above OpenAI.
If OpenAI reaches the public market at a $1 trillion valuation, the deal would become the largest technology IPO on record and reset the benchmark for private AI valuations.