OpenAI is preparing for what could be the largest technology IPO in history. The company has crossed $25 billion in annualised revenue, closed a record-breaking $122 billion funding round, and is taking early steps toward a late-2026 public listing at a target valuation north of $1 trillion.
The revenue trajectory
OpenAI’s annualised revenue hit $25 billion at the end of February 2026, up from $21.4 billion at year-end 2025 and roughly $6 billion at the end of 2024. The company is now generating approximately $2 billion in revenue per month, driven by ChatGPT Plus subscriptions, enterprise API contracts, and an expanding portfolio of AI products.
The funding round
The $122 billion committed capital round — closed on 31 March 2026 — pushed OpenAI’s post-money valuation to $852 billion. It’s the largest private funding round ever raised, dwarfing the previous record. CFO Sarah Friar confirmed that OpenAI will allocate IPO shares to retail investors — an unusual move for a tech IPO that signals the company wants broad public ownership.
The $280 billion question
OpenAI has communicated to prospective investors an expectation of generating $280 billion in annual revenue by 2030. The ambition is eye-watering — but so is the cost. The company is not projected to achieve positive cash flow until 2029. Model training alone is expected to consume $32 billion in 2026, and cumulative losses through 2027 are forecast to reach $57 billion.
What the IPO means
A $1 trillion public listing would make OpenAI one of the most valuable companies on Earth before it turns a profit. Bulls see a generational platform shift — the next Microsoft or Google. Bears see a company spending $2 for every $1 it earns, propped up by investor enthusiasm that hasn’t been tested by a public market. The IPO will be the moment those two views collide.
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