The Biggest Tech IPO in History
OpenAI filed a confidential S-1 with the SEC on June 8, 2026, targeting a NYSE debut as early as September 2026. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the deal. At the last private valuation of $852 billion, an opening-day rally past $1 trillion is what analysts expect. If it gets there, it would be worth more than every company in the S and P 500 except Apple and Microsoft, the very firm that owns 27% of it.
Target IPO valuation
$730B to $852B (private round March 2026)
Annualized revenue (Feb 2026)
$25 billion (up from $2B in late 2023)
Monthly revenue run rate
$2 billion per month
ChatGPT weekly active users
600 million
Q1 2026 cash burn
$3.7 billion in one quarter
2026 projected operating loss
$14 billion
Year profitability is expected
approximately 2030
From Nonprofit to the NYSE
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Microsoft's stake is roughly 27% on a diluted basis, the product of a $13 billion multi-year investment. Under their revenue-sharing agreement, Microsoft receives approximately 20% of OpenAI's top-line revenue until the investment is recouped. That clause affects every IPO valuation model.
Anthropic filed its own confidential S-1 on June 1, 2026, targeting a valuation of $965 billion. If both companies list in the same window, institutional investors may be forced to choose between them, which could compress valuations for one or both.
The $14 billion projected 2026 operating loss is not a rounding error. OpenAI's inference costs alone are expected to reach $14 billion this year, up from $8.4 billion in 2025. Every ChatGPT query, every API call, costs real compute. The company's bet is that revenue grows faster than those costs, but it has not happened yet at scale.
What Every Investor Should Know Before the IPO
- [x] Confidential S-1 filed June 8, 2026 with Goldman Sachs, Morgan Stanley, JPMorgan
- [x] Last private valuation: $852 billion (March 2026 funding round, $122 billion raised)
- [x] Revenue: $25B annualized (Feb 2026), growing at 4x the pace Alphabet and Meta did at this stage
- [x] Not profitable: losses of $14 billion projected for 2026; profitability target is ~2030
- [ ] Public S-1 and roadshow expected in August 2026 (not yet filed)
- [ ] NYSE listing window: Labor Day to Thanksgiving 2026
- [ ] Microsoft's 27% stake and 20% revenue share clause must be disclosed in full S-1
- [ ] Anthropic competing IPO in same window could split institutional demand
"The implied 35x forward revenue multiple is priced for a monopoly outcome that does not yet exist.
"Greg Jensen · Bridgewater Associates · June 2026
