OpenAI is gearing up for an initial public offering (IPO) that could value the company at up to $1 trillion, according to sources familiar with the situation. The company is eyeing a potential filing with securities regulators in the latter half of 2026, with expectations to raise around $60 billion at a minimum. These discussions are still in the early stages, and specifics could shift based on OpenAI's growth and market conditions. CFO Sarah Friar has mentioned a possible 2027 listing, while some advisers believe it might happen even sooner. The decision to pursue an IPO comes after a significant restructuring aimed at reducing dependency on Microsoft. This move could allow OpenAI to raise capital more effectively and facilitate larger acquisitions, supporting CEO Sam Altman’s plans for extensive investments in AI infrastructure. Despite an anticipated annual revenue run rate of about $20 billion by year-end, the company is also facing increasing losses. Altman acknowledged the IPO as the likely path forward, given the substantial capital requirements. OpenAI’s evolution began as a nonprofit in 2015, but it transitioned to a structure where a nonprofit, now called the OpenAI Foundation, oversees the for-profit subsidiary. This foundation retains a 26% stake in OpenAI Group and has the option to acquire more shares if specific milestones are met, ensuring it remains a key player in the company’s financial trajectory.