The biggest IPO of AI is coming? It is rumored that OpenAI will file for an IPO as early as the second half of next year, with a valuation potentially reaching 1 trillion US dollars.

Media reports on Wednesday cited sources as saying that artificial intelligence startup company OpenAI is preparing to submit its initial public offering (IPO) as early as next year, which could potentially value the company at $1 trillion. The media reported that the company is gearing up for one of the largest IPOs in history and is considering filing with regulators as early as the second half of 2026. It was reported that the company has discussed raising at least $600 billion through the IPO. Meanwhile, Microsoft Corporation announced a new agreement with OpenAI, stating that Microsoft Corporation will support OpenAI in advancing its for-profit division, OpenAI Group PBC. A spokesperson for OpenAI stated in a statement, "IPO is not our focus, so we cannot set a listing date. We are building a sustainable business and advancing our mission to make universal artificial intelligence (AGI) accessible to everyone." AGI is a technology that can surpass humans in most economically valuable tasks. Earlier this week, OpenAI announced that it had completed a reorganization and transitioned to a more traditional corporate structure, which could make the company's IPO possible. OpenAI's most recent valuation reached $500 billion, achieved through an employee stock ownership plan. At the end of 2024, OpenAI was recovering from a brief and chaotic departure crisis involving Sam Altman and had launched a transformation plan in hopes of smoothly transitioning into a more traditional for-profit enterprise to attract more investors. However, this was met with resistance. Co-founder Elon Musk of OpenAI filed a lawsuit to block the reorganization, claiming that it violated the company's founding principles. The billionaire had also attempted to acquire control of OpenAI's non-profit organization but was unsuccessful. Former employees of OpenAI and leaders of non-profit organizations also requested regulators to block the acquisition. Meanwhile, OpenAI and its biggest investor, Microsoft Corporation, engaged in complex negotiations on how their collaboration would change after the formation of the new company. On Tuesday, approximately a year after initiating the reorganization process, OpenAI announced that the reorganization had been completed after signing a new agreement with Microsoft Corporation and making concessions to state regulators responsible for reviewing the transaction. Although OpenAI made some compromises to complete the reorganization, it is undeniably a decisive victory that will usher in a new era for the development of artificial intelligence, increasing investments in data centers, chips, and talent. The company has a strong need for funds as it is not yet profitable. CEO Sam Altman announced plans to invest $1.4 trillion in artificial intelligence infrastructure. To raise funds, OpenAI needs unprecedented amounts of capital through venture capital, debt financing, and IPO. Altman stated that an IPO remains the most likely option for the company. SoftBank, one of OpenAI's biggest supporters, had the right to withdraw several billion dollars of investment within the next few months if OpenAI failed to complete the reorganization. Other investors may also be hesitant about making significant investments in a non-profit organization due to the complex financial return mechanisms. Although OpenAI is willing to embark on a new chapter, there are still many unresolved mysteries regarding the relationship between the non-profit and for-profit entities. This includes a key question of how much influence the former can exert over the latter. In theory, the non-profit board could exercise control by appointing or removing members of the for-profit board. However, in practice, it may be difficult to dismiss profit-oriented directors of OpenAI, at least for now, as all non-profit board members except one also serve on the for-profit board. Current non-profit board members Adam D'Angelo and Chair Bret Taylor operate AI businesses that use OpenAI software. According to sources familiar with the matter, non-profit organization board members do not have the authority to dismiss the management of OpenAI's profit division. This is a crucial detail, as it was a different-sized non-profit organization board within the company that dismissed Altman two years ago, leading to chaos. CEO Orson Aguilar of the non-profit organization LatinoProsperity stated, "The current arrangement does not guarantee true independence or accountability to the public." LatinoProsperity is a member of the EyesOnOpenAI alliance, which has been dedicated to opposing the reorganization. It is currently unclear how this non-profit organization will utilize its substantial resources. It will receive a 26% stake in OpenAI, which at the current valuation of $500 billion would be worth approximately $130 billion. Additionally, it will receive a warrant that grants it the right to additional shares if OpenAI's stock price increases by more than ten times after 15 years, although the specific number has not been disclosed. The non-profit organization plans to first invest $250 billion in applying artificial intelligence in the healthcare sector and addressing the most serious risks of artificial intelligence. However, it has not yet appointed a CEO or any other staff. The relationship between OpenAI and Microsoft Corporation, which was a cornerstone of the early success of this artificial intelligence startup, remains complex. Although Microsoft Corporation has agreed to hold a 27% stake in the new for-profit entity of OpenAI, it is still unclear how the two companies will decide how the software giant will continue to use OpenAI's intellectual property. OpenAI stated that an independent group will play a key role in determining when the company reaches the AGI level, a more powerful form of artificial intelligence that many tech companies are striving to develop. Once this goal is reached, Microsoft Corporation will no longer receive 20% of OpenAI's revenue, and OpenAI will no longer have to provide its latest AI research methods to Microsoft Corporation. However, it is currently unclear how the two companies will select and agree on an expert group, as well as what their criteria for judgment will be. Meanwhile, Microsoft Corporation, a company increasingly becoming a competitor to OpenAI, will use its access to OpenAI's intellectual property (including data centers and chip design) to pursue its own interests, which remains to be observed. Finally, Musk has shown no signs of giving up his opposition to the reorganization. Marc Toberoff, the chief lawyer in the OpenAI case, stated, "They are acting independently, ignoring the will of the courtthat this matter should be judged fairly by a jury and not by politicians." He said that OpenAI "almost has no chance to complain about the various difficulties in the reorganization process."