OpenAI is accelerating plans for a potential initial public offering in the fourth quarter of 2026, aiming to go public ahead of rival artificial intelligence startup Anthropic, according to a report from the Wall Street Journal.
The Journal, citing sources familiar with the matter, said OpenAI, the developer of ChatGPT, is holding informal talks with Wall Street banks and expanding its finance team, including the recent hires of chief accounting officer Ajmere Dale and corporate business finance officer Cynthia Gaylor, who will oversee investor relations.
According to the report, OpenAI is seeking over $100 billion in pre-IPO private funding at an $830 billion valuation, a move intended to offset its significant annual cash burn on AI infrastructure.
The company, currently valued at about $500 billion, is not expected to reach profitability until roughly 2030.
The IPO push comes amid a broader race among AI startups to reach public markets. Anthropic is reportedly planning a late-2026 offering, while SpaceX is also closely watched by investors for a potential listing.
The Journal noted that OpenAI’s potential IPO could rank among the largest ever, with major investors such as Amazon, possibly committing up to $50 billion, and SoftBank, potentially contributing up to $30 billion, joining Microsoft as backers.
Pulling off a public listing by year’s end could prove challenging for OpenAI, the report noted. The company is navigating the growing pains of a fast-expanding startup, including leadership changes, intense competition from Google in its consumer AI business, and an ongoing legal case brought by co-founder Elon Musk seeking up to $134 billion in damages.
An IPO would provide OpenAI with an opportunity to bolster market confidence in its financial footing, particularly as it ramps up investments in AI infrastructure and chip deals projected to total hundreds of billions of dollars in the coming years, the Journal reported.