APREX · EST. 2026
TL;DR
* OpenAI is preparing an IPO application with a view to listing as early as September 2026
* The valuation is estimated at over one trillion dollars, according to the Financial Times
* Morgan Stanley and Goldman Sachs are leading the banking work; law firm Cooley is handling the legal aspects
* The company restructured into a Public Benefit Corporation (PBC) in October 2025, which removed previous return caps for investors
OpenAI on its way to Wall Street
OpenAI is in the process of submitting an IPO prospectus application that could lay the groundwork for one of the largest tech listings in history, reports the Financial Times. The goal is a listing as early as September 2026, with an estimated market value of over one trillion dollars.
The two investment banking giants Morgan Stanley and Goldman Sachs are leading the financial process, while law firm Cooley is handling the legal arrangements.
Restructuring paved the way
Preliminary obstacles to an IPO were partly cleared when OpenAI underwent a comprehensive restructuring in October 2025. The for-profit subsidiary was converted into a Public Benefit Corporation (PBC) under the name OpenAI Group PBC. According to available information on the company's ownership structure, the original return limitations for investors were removed in connection with this.
Under the original model from 2019, investors had a cap on returns – originally set at 100 times invested capital. Microsoft's share was reportedly limited to 20 times the investment. With the transition to the PBC structure, shareholders now own traditional shares that grow proportionally with the company's value.
Valuation and Market Background
OpenAI was valued at around 500 billion dollars in connection with its latest major funding round, while some secondary market transactions reportedly approached 852 billion dollars in April 2026, according to available reports. A listing at over one trillion dollars would represent another valuation jump.
In May 2026, OpenAI and Microsoft also entered into a negotiated agreement that sets a total cap of 38 billion dollars on revenue sharing between the two companies. This gives OpenAI greater flexibility to enter into new partnership agreements with competitors such as Amazon and Google, which could strengthen its attractiveness to potential stock market investors.
Competition from Decentralized AI
An OpenAI IPO will set a new benchmark for how the market prices AI companies – and could have ripple effects into the crypto sector. The decentralized AI segment, which includes projects like Bittensor (TAO), NEAR Protocol, and Render Network, had a combined market capitalization for the 20 largest AI tokens of an estimated 40–60 billion dollars as of April 2026, according to available market data.
However, it is important to note that these figures vary significantly between different data sources and should be read with caution. Analytics firm Grayscale Research estimated the total market capitalization of the decentralized AI token market at approximately 20 billion dollars as recently as May 2025 – illustrating the rapid movement in this segment.
An OpenAI listing at one trillion dollars would alone be equivalent to an estimated 16–25 times the total decentralized AI crypto segment at its top estimate.
What Happens Next?
A final date for the IPO has not yet been confirmed. The Financial Times reports that the submission of the IPO application is under preparation, but the timing and final valuation may change. Market conditions in September 2026 will likely play a crucial role – something the current “risk-off” sentiment in the market underscores.
For investors and tech observers, OpenAI's IPO will in any case set a preliminary benchmark for what the market is willing to pay for advanced artificial intelligence – whether through centralized listed companies or decentralized crypto protocols.