OpenAI IPO: Everything You Need to Know

OpenAI has confidentially filed for a US IPO as of June 2026, with reported valuations around $500 billion to $1 trillion. The company generated approximately $13 billion in revenue in 2025 but spent $34 billion, resulting in significant losses. Key questions for investors center on whether OpenAI can achieve sustainable margins given its enormous compute and R&D costs, and whether public markets will value a frontier AI lab like a mega-cap technology platform.