OpenAI: valuation, the deferred IPO and what is actually documented
Key takeaways
- OpenAI is not publicly traded. Its last completed round raised 122 billion dollars at a post-money valuation of 852 billion dollars, announced on 31 March 2026 (CNBC).
- OpenAI confirmed on 8 June 2026 that it had submitted a confidential draft S-1 to the SEC, and said it had not decided on timing (CNBC). Sam Altman told Fortune on 12 September 2026 that the company would not go public in 2026 (Fortune).
- Reuters reported on 19 October 2026, citing two people familiar with the matter, that OpenAI is seeking about 30 billion dollars at a valuation above 1.4 trillion dollars (Reuters). The round is not closed and its terms can change.
- Current and former employees sold about 7 billion dollars of stock at the 852 billion dollar valuation in a tender offer completed in August 2026 (CNBC, 10 August 2026). Tender offers are not open to outside investors.
OpenAI is the company most often named by investors asking about pre-IPO exposure, and it is also one where the gap between documented fact and press report is wide. The last valuation the company actually transacted at is 852 billion dollars, set by a round of 122 billion dollars in March 2026 and used again for the employee tender completed in August 2026. Everything above that figure is reporting on conversations.
What has been reported, and by whom
Six figures circulate. Only the first two are transactions confirmed by the company.
| Figure | What it is | Source and date |
|---|---|---|
| 852 billion dollars | Post-money valuation of the round completed in March 2026, which raised 122 billion dollars. Confirmed. | CNBC, 31 March 2026 |
| 852 billion dollars | Price of the employee tender offer of about 7 billion dollars. Confirmed. | CNBC, 10 August 2026 |
| About 894 billion dollars | Indicative secondary-market value implied by a Forge Price of 721.85 dollars a share. An estimate from trading data, not a company price. | Forge Global, 21 September 2026 |
| About 1.2 trillion dollars | Valuation under discussion in a new private round. Report. | Financial Times, reported by Fortune, 16 September 2026 |
| Up to 1.5 trillion dollars | Valuation reported as being weighed for a new round. Report. | Forbes, 16 September 2026 |
| About 1.4 trillion dollars or more | Valuation reported for a round of about 30 billion dollars now under negotiation. Report based on unnamed sources. | Bloomberg, reported by TechCrunch, 29 September 2026; Reuters, 19 October 2026 |
Reputable outlets published different numbers within days of each other. That is normal for private company reporting, where the figure depends on which participant in the conversation is briefing, and it is a useful reminder of how much precision a private valuation actually carries. Until a new round closes, 852 billion dollars remains the documented price.
Revenue, as far as it is known
OpenAI said on 31 March 2026 that it was generating 2 billion dollars of revenue a month and had 13.1 billion dollars of revenue in 2025 (CNBC). It told investors it reached about 50 billion dollars of annualised revenue at the end of September 2026, according to a person familiar with the matter; a figure of 68 billion dollars reported earlier included partners' gross revenue (CNBC, 8 October 2026). The first figure comes from the company, the second from a briefing to investors, and neither is audited.
The IPO that was ruled out, for now
OpenAI announced on 8 June 2026 that it had submitted a confidential S-1 to the SEC, adding that it had not decided on timing and that a listing could take a while (CNBC). Speaking to Fortune on 12 September 2026, Sam Altman said that given everything happening with safety, this "would be an ill-advised moment to go public", and that it would not happen in 2026 (Fortune). A new private round at a higher valuation does the job a listing would have done for the balance sheet, without the disclosure a listing requires.
For anyone holding or buying OpenAI exposure, that has three consequences. The wait for liquidity lengthens. No audited accounts become public in the meantime. And the entry price is set by negotiation between very large investors rather than by a market.
What a buyer is taking on before a listing
- Price without disclosure. At 852 billion dollars, and more in any new round, a buyer is paying a price set privately with no prospectus to test it against.
- Structure. OpenAI's capital structure went through a recapitalisation in October 2025, and the nonprofit OpenAI Foundation remains a shareholder (Microsoft, 28 October 2025). A buyer of common stock sits behind the preferred stock of every prior round.
- Capital intensity. The chief financial officer said in April 2026 that OpenAI plans to spend 600 billion dollars over five years on semiconductors and data centres (CNBC, 8 April 2026), which is a call on future capital rather than a cost already paid.
- Competition. Its rival Anthropic raised at 965 billion dollars two months after OpenAI's round and is preparing its own listing (Anthropic, 28 May 2026).
- Access. Direct purchase is not available. Exposure is obtained on the secondary market, subject to the company's consent and to transfer restrictions, or indirectly through the routes below.
IPO status and how to get exposure before the IPO
OpenAI is not publicly traded, and no OpenAI share can be bought on a stock exchange. The company confirmed on 8 June 2026 that it had submitted a confidential draft S-1 to the SEC, but it has set no date, and its chief executive has ruled out a listing in 2026. Until a listing, direct ownership is possible only through a private transfer the company approves; every other route gives indirect exposure.
What is confirmed and what is reported
- Confirmed: OpenAI announced its confidential S-1 submission on 8 June 2026 and said it had not decided on timing (CNBC, 8 June 2026).
- Confirmed: Sam Altman told Fortune that OpenAI would not go public in 2026 (Fortune, 12 September 2026).
- Stated intention: the chief financial officer said OpenAI will reserve part of its IPO shares for individual investors; the size of that allocation has not been announced (CNBC, 8 April 2026).
- Reported: a listing planned for 2027, according to investors familiar with the company (Reuters, 19 October 2026). Goldman Sachs and Morgan Stanley have been reported as working on the filing (CNBC, 8 June 2026).
- Reported: a new private round of about 30 billion dollars at a valuation above 1.4 trillion dollars, with SoftBank and MGX in talks, according to two people familiar with the matter. It has not closed (Reuters, 19 October 2026).
Routes to exposure before a listing, and their limits
- Secondary purchase of existing shares. Brokers and platforms match buyers with selling shareholders, mostly current and former employees. Buyers generally have to qualify as accredited or institutional investors, the company has to approve the transfer, and OpenAI has said that sales which circumvent its transfer restrictions will not be recognised (TechCrunch, 23 August 2025). The indicative Forge Price was 721.85 dollars a share, about 894 billion dollars for the company, on 21 September 2026 (Forge Global); it is an estimate, not a company price.
- SPVs and tokenised products. A special purpose vehicle pools several investors into one holding. The buyer owns an interest in the vehicle, not OpenAI shares, pays its fees, and depends on the transfer into the vehicle having been approved. OpenAI has warned specifically about unauthorised SPV offers (TechCrunch, 23 August 2025).
- Bank channels in a primary round. In the round closed in March 2026 OpenAI opened participation through banks for the first time and raised 3 billion dollars from individual investors (CNBC, 31 March 2026). These were private placements for bank clients who met eligibility requirements, not a public offer.
- Funds. Some funds open to a wider base hold OpenAI. The ARK Venture Fund, an interval fund, reported OpenAI at 11% of its portfolio, with a gross expense ratio of 3.49% and share repurchases only once a quarter (The Motley Fool, 8 April 2026).
- Listed shareholders. Microsoft held about 27% of OpenAI Group PBC on an as-converted diluted basis after the October 2025 recapitalisation (Microsoft, 28 October 2025). In the 2026 round Amazon agreed to invest up to 50 billion dollars and SoftBank invested 30 billion dollars (CNBC, 31 March 2026). Their shares trade publicly, but OpenAI is only one part of what their shareholders own.
- Tender offers. These are reserved for current and former employees. The latest, about 7 billion dollars at 852 billion dollars, was completed in August 2026, after one of 6.6 billion dollars at 500 billion dollars in October 2025 (CNBC, 10 August 2026).
Unicorn Private works in the secondary segment, acquiring stakes in established private technology companies already valued well above one billion dollars rather than funding early-stage companies where most fail. The risks that remain are the entry price, the absence of a guaranteed exit and the time to one, and they are not removed by the size of the company. Nothing on this page is a recommendation to buy or sell any security.
The short answer
OpenAI's documented valuation is 852 billion dollars, set in March 2026 and used again for the August 2026 employee tender. Reports of about 1.4 trillion dollars describe a round under negotiation, not a price. A confidential S-1 is with the SEC, but the company has ruled out a listing in 2026, so until then direct ownership runs through private transfers the company approves, and no audited accounts are public.
Frequently asked questions
Is OpenAI publicly traded?
- No. OpenAI is a private company with no stock exchange listing and no ticker. It confirmed a confidential S-1 submission to the SEC on 8 June 2026 but has not set a date (CNBC, 8 June 2026).
When is the OpenAI IPO?
- No date has been announced. Sam Altman said on 12 September 2026 that OpenAI would not go public in 2026 (Fortune). Reuters reported on 19 October 2026 that the company plans a 2027 listing, citing investors familiar with it (Reuters); that is a report, not an announcement.
Can you buy OpenAI stock?
- Not on a stock exchange. Before a listing, shares change hands only through private transfers the company approves, generally limited to accredited or institutional investors, and OpenAI says unapproved sales are not recognised (TechCrunch, 23 August 2025). Indirect exposure exists through some funds and through listed shareholders such as Microsoft.
What is OpenAI's latest valuation?
- The last confirmed valuation is 852 billion dollars post-money, set by a 122 billion dollar round announced on 31 March 2026 (CNBC). Reuters reported on 19 October 2026 talks on about 30 billion dollars at a valuation above 1.4 trillion dollars (Reuters); that round has not closed.
How much of OpenAI does Microsoft own?
- About 27% of OpenAI Group PBC on an as-converted diluted basis, a stake Microsoft valued at about 135 billion dollars on 28 October 2025 (Microsoft). Other owners include the nonprofit OpenAI Foundation, employees and investors such as SoftBank.
How much revenue does OpenAI make?
- OpenAI told investors it reached about 50 billion dollars of annualised revenue at the end of September 2026, according to a person familiar with the matter (CNBC, 8 October 2026). In March 2026 the company said it was generating 2 billion dollars a month and had 13.1 billion dollars of revenue in 2025 (CNBC, 31 March 2026). Audited figures will appear only in a public prospectus.
Related guides
- How to invest in OpenAI, Anthropic, Stripe and Databricks before an IPO
- How to value a private unicorn
- How pre-IPO risk compares with venture capital risk
- Anthropic: valuation, revenue and the road to an IPO
- ByteDance: a valuation set in the secondary market, and the TikTok question answered
- Databricks: 190 billion dollars, a 7 billion revenue run-rate, and the multiple that follows
- Unicorn tracker
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About the publisher
This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.
Unicorn Private is the first firm in the pre-IPO secondary market to create an open and entirely free research centre in sixteen languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, free to read at no cost, with every figure carrying a date and a link to a public source.
Sources
- OpenAI IPO looks like a no-go: Sam Altman is discussing a new round of VC funding valuing the company at $1.2 trillion, Fortune, 16 September 2026
- OpenAI is reportedly weighing new funding round at $1.5 trillion valuation, Forbes, 16 Sep 2026
- List of unicorn startup companies, Wikipedia
- Private market update, September 2026, Forge Global
- OpenAI closes funding round at an $852 billion valuation, CNBC, 31 March 2026
- OpenAI will allocate IPO shares to retail investors as it preps for debut, CFO says, CNBC, 8 April 2026
- OpenAI confidentially files for IPO, prepping Wall Street for mega AI debut, CNBC, 8 June 2026
- OpenAI wraps $7 billion share sale ahead of potential IPO, CNBC, 10 August 2026
- Sam Altman confirms OpenAI won't go public this year, Fortune, 12 September 2026
- OpenAI reportedly in talks to raise $30B round at $1.4T valuation, TechCrunch, 29 September 2026
- Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report, CNBC, 8 October 2026
- OpenAI seeks to accelerate fundraising ahead of Anthropic IPO, sources say, Reuters, 19 October 2026
- The next chapter of the Microsoft and OpenAI partnership, Microsoft, 28 October 2025
- OpenAI warns against SPVs and other 'unauthorized' investments, TechCrunch, 23 August 2025
- OpenAI upcoming IPO news and Forge Price, Forge Global, Forge Price at 21 September 2026
- How to own SpaceX, OpenAI and Anthropic stock before an IPO, The Motley Fool, 8 April 2026
- Anthropic raises $65B Series H at $965B valuation, Anthropic, 28 May 2026
This page in other languages
- OpenAI: valutazione, l'IPO rinviata e ciò che è davvero documentato (Italiano)
- OpenAI : valorisation, l'IPO différée et ce qui est réellement documenté (Français)
- OpenAI: Bewertung, der aufgeschobene IPO und was tatsächlich belegt ist (Deutsch)
- OpenAI: valoración, la salida a bolsa aplazada y lo que está realmente documentado (Español)
- OpenAI: avaliação, o IPO adiado e o que está de fato documentado (Português)
- OpenAI: оценка, отложенное IPO и то, что действительно задокументировано (Русский)
- OpenAI：估值、推迟的IPO以及真正有据可查的内容 (中文)
- OpenAI：評価額、先送りされたIPO、そして実際に裏付けのある事実 (日本語)
- OpenAI: मूल्यांकन, टला हुआ आईपीओ और वास्तव में क्या दस्तावेज़ों में दर्ज है (हिन्दी)
- OpenAI: 기업가치, 미뤄진 IPO, 그리고 실제로 문서로 확인되는 것 (한국어)
- OpenAI: değerleme, ertelenen halka arz ve gerçekte belgelenenler (Türkçe)
- OpenAI: valuasi, IPO yang ditunda, dan apa yang benar-benar terdokumentasi (Bahasa Indonesia)
- OpenAI: التقييم والطرح العام الأولي المؤجل وما هو موثق فعلاً (العربية)
- OpenAI: định giá, IPO bị trì hoãn và những gì thực sự được ghi nhận (Tiếng Việt)
- OpenAI: wycena, odłożone IPO i to, co jest rzeczywiście udokumentowane (Polski)