OpenAI IPO: What traders need to know before it launches

OpenAI could be preparing for an initial public offering (IPO), with the company filing confidentially with the SEC earlier this summer (June 2026). OpenAI is still a private company, which means retail traders cannot currently buy OpenAI stock on a public exchange, but some reports have stated that an OpenAI IPO could be coming in early 2027. 

There’s such a buzz around OpenAI becoming an IPO, because it was OpenAI that helped bring generative AI into mainstream public use with ChatGPT. Plus, with its close relationship with Microsoft and its role in the broader AI infrastructure cycle. For retail traders, this means the OpenAI IPO may not only be a single-company event. It could also influence sentiment towards other AI stocks, major technology shares and the broader Nasdaq market.

What is the current status of OpenAI IPO?

OpenAI was founded in 2015, with Sam Altman now its chair. OpenAI’s most recent private valuation in March 2026 was at  $852 billion after it closed a $122 billion funding round — reportedly one of the largest private fundraisers in history, including a reported $30 billion from Amazon, $30 billion from NVIDIA, and a lead investment from SoftBank. 

But for all its rapid success, OpenAI also remains loss-making: Reuters reported that it burned through $3.7 billion in Q1 2026 alone, more than half of its $5.7 billion in quarterly revenue, and analysts project full-year losses running into the tens of billions, with profitability not expected until around 2030.

Companies usually go public to raise capital with the aim of expanding and providing liquidity to early shareholders; an IPO gives a company an influx of funds, which can be used for funding new projects, paying down debt, providing returns to early shareholders, and other purposes.

OpenAI’s potential IPO by the numbers

With OpenAI getting an IPO in the near future, the company reportedly hopes to become valued at $1 trillion. This would make it one of the most valuable companies ever to list, and would price the company at a huge multiple of its revenue. It is not yet currently known the number of shares that will be on offer for retail investors, nor how many are reserved. It’s not predicted to break SpaceX’s record, which saw SpaceX issue 555.6 million shares at an initial offer price of $135 per share, successfully raising a record-breaking $75 billion in new capital.

What does an OpenAI IPO mean for retail traders?

Pre IPO listing access, if there will be any for OpenAI’s IPO, lets select investors to buy shares at the official IPO price set by underwriters before public trading begins. This access is primarily restricted to syndicate investment banks—serving high-net-worth institutional clients, or partner retail brokerages (e.g., Robinhood, SoFi, E*TRADE) offering limited share allocations. In contrast, debut day access opens share purchases to anyone with a standard brokerage account once the stock begins trading on an exchange, though buyers face open-market price volatility. 

It’s important to know that submitting interest for pre-IPO access does not guarantee a share allocation, as heavy oversubscription often leads to reduced or denied orders

“ChatGPT sparked the large language model (LLM) revolution in 2022, a transformation that continues to this day. Investor interest in OpenAI, the creator of ChatGPT, will be one of the key indicators of whether the company is still perceived as a pioneer and leader in artificial intelligence or increasingly as one of several major players competing in the global AI race.”

Krzysztof Kaminski, Market Analyst

How to get exposure before the listing

While traders wait for a potential OpenAI IPO, there are many ways to get indirect exposure to the company. For example, Microsoft, which has invested billions and enjoys a strong symbiotic relationship through Azure, as well as NVIDIA and Amazon, who are both significant OpenAI investors and infrastructure partners. You can trade these as shares and ETF CFDs with OANDA, and build sector exposure before OpenAI’s IPO debut.

Read more: To understand broader market trends, find our latest AI stock forecast or analyze chipmaker performance in our Intel stock forecast. You can trade these as well as Shares and ETF CFDs with OANDA, and build sector exposure before OpenAI’s IPO debut.

What to watch before the debut of OpenAI’s IPO

Investors should watch three key milestones: 

• The conversion of its confidential S-1 submission into a public filing to inspect audited compute losses and Microsoft equity terms
•  Regulatory clearance regarding its Public Benefit Corporation (PBC) governance structure
• The execution of the management roadshow to finalize the institutional price range and exchange ticker

It’s important to note that the final offering price, target valuation, and allocated share count remain subject to change right up until just before trading begins.

Similarly, an IPO of this scale will carry a big amount of risk, as the company remains significantly loss-making.

Frequently asked questions

How to trade OpenAI stock?

OpenAI shares aren’t yet available to trade on a public exchange. If the company does complete an IPO, it is expected to list in the US, on a major exchange such as Nasdaq or the New York Stock Exchange. If this is the case, stocks will be available to trade with OANDA.

When is the OpenAI IPO?

There is no formal announcement for OpenAI’s IPO, but it could reportedly be as early as 2027.