OpenAI is setting the stage for what could rank among history’s largest initial public offerings, targeting a valuation approaching $1 trillion as the artificial intelligence company wraps up a complex corporate restructuring that positions it for unprecedented capital raising.

The ChatGPT creator is considering filing with securities regulators as early as the second half of 2026, with CFO Sarah Friar telling colleagues the company aims for a public debut in 2027. In preliminary discussions, OpenAI has explored raising at least $60 billion, though the final amount could climb substantially higher depending on market conditions and business growth.

Microsoft Partnership Anchors New Structure

OpenAI announced Tuesday it has completed a nearly year-long restructuring, transforming from a complicated hybrid organization into a streamlined structure where a nonprofit foundation controls a commercial public benefit corporation. Under the new arrangement, Microsoft receives a 27% stake in the commercial entity valued at approximately $135 billion, while the renamed OpenAI Foundation holds a 26% interest worth $130 billion.

The restructuring preserves Microsoft’s position as OpenAI’s primary partner while extending the tech giant’s intellectual property rights through 2032, including access to post-AGI models. Microsoft also secured a commitment from OpenAI to purchase $250 billion in Azure cloud services, though the software company no longer holds exclusive rights as OpenAI’s compute provider.

Trillion-Dollar Infrastructure Ambitions

CEO Sam Altman outlined extraordinary spending plans during Tuesday’s announcement, reporting that OpenAI has committed approximately $1.4 trillion toward AI infrastructure development. The company aims to build 30 gigawatts of computing capacity and eventually add one gigawatt of new capacity weekly at an estimated cost of $20-40 billion per gigawatt.

“AI is a sport of kings,” said Gil Luria, an analyst at D.A. Davidson. “Altman understands that to compete in AI, he needs to achieve much greater scale than what OpenAI currently operates at.”

The IPO preparation signals fresh urgency within OpenAI to access public markets now that restructuring reduces its Microsoft dependence and removes previous investor return caps. Going public would enable more efficient capital raising and larger acquisitions using public stock, supporting Altman’s ambitious infrastructure expansion plans.

OpenAI’s transformation from a 2015 nonprofit research organization into a potential trillion-dollar public company represents one of Silicon Valley’s most dramatic corporate evolutions. The company’s current private market valuation of $500 billion already positions it among the world’s most valuable technology firms.