OpenAI is taking concrete steps toward a possible public listing in the fourth quarter of 2026, according to people familiar with the matter who spoke to the Wall Street Journal. The artificial intelligence company has started informal conversations with Wall Street lenders and is adding personnel to its finance team as it prepares for an eventual initial public offering - actions consistent with a firm planning for a major liquidity event.
Executives at the company have reportedly accelerated IPO preparations in part because of concern that rival Anthropic could beat them to the public markets; recent reporting indicated Anthropic is also considering an offering in late 2026. That competitive pressure appears to have influenced OpenAI's timing and the urgency with which it is staffing and consulting prospective underwriters.
A public listing would also address financing needs. OpenAI is described as spending tens of billions of dollars each year to develop and operate its AI models, and an IPO is expected to strengthen its balance sheet. Separately, recent reports have indicated the company has sought about $100 billion from a group of global investors at an $830 billion valuation, underscoring the scale of capital required to sustain its operations.
The startup has previously raised substantial sums from major technology firms, including Microsoft Corporation (MSFT), SoftBank Group Corp. (TYO:9984), and NVIDIA Corporation (NVDA). More recently, reports said OpenAI was in talks with Amazon.com Inc (AMZN) about potential fresh funding of up to $50 billion.
Summary
OpenAI is preparing for a possible fourth-quarter 2026 IPO by holding informal lender discussions and expanding its finance team. The company is motivated by competitive pressure from Anthropic and the need to secure capital to support sizable annual expenditures on AI model development and operation.
Key points
- OpenAI is working toward a potential IPO in Q4 2026, engaging with Wall Street lenders and growing its finance staff.
- Competition from Anthropic, which is reportedly considering a late-2026 IPO, has contributed to OpenAI's accelerated preparations.
- Large-scale financing needs drive the initiative: OpenAI reportedly spends tens of billions annually and has explored private raises of about $100 billion at an $830 billion valuation, with prior investments from MSFT, SoftBank (TYO:9984), and NVDA and ongoing talks with AMZN for up to $50 billion.
Risks and uncertainties
- Financing pressure: The company's high annual expenditures create ongoing funding requirements that an IPO aims to ease - a matter affecting capital markets and technology investors.
- Market timing and competition: Rival plans by Anthropic to pursue a public listing in late 2026 add uncertainty to OpenAI's timing and market positioning, with potential implications for valuation and investor appetite.
- Scale and valuation: Reports of a $100 billion private raise at an $830 billion valuation and talks of up to $50 billion from a single corporate partner highlight uncertainty around deal execution and investor commitments.
The company’s reported actions - hiring within finance and consulting lenders - are consistent with a firm preparing the infrastructure and relationships necessary for a significant public transaction. However, details remain limited to the reported discussions and fundraising targets; further developments will be needed to confirm timing, size, and structure of any eventual offering.