OpenAI, the creator of ChatGPT, is moving closer to a stock market debut that could reshape global finance. According to the Wall Street Journal, the company plans to file for an initial public offering within days, targeting a public listing in September 2026. CEO Sam Altman is leading this shift from a nonprofit research lab founded in 2015 to a public benefit corporation, a transition completed in October 2025. For European investors, this IPO represents a rare opportunity to gain direct exposure to artificial intelligence, a sector dominated by US giants like Nvidia.
1. A Potential Record-Breaking Raise
OpenAI is reportedly aiming to raise $60bn (€55.4bn) in its IPO, according to Deutsche Bank Research. This would more than double the $25.6bn (€23.6bn) raised by Saudi Aramco in 2019, the largest IPO on record. However, SpaceX has filed its own prospectus targeting up to $75bn (€69.1bn), with a valuation between $1.75tr (€1.61tr) and $2tr (€1.84tr). The two companies are now in direct competition for the title of largest listing in history. OpenAI has engaged Goldman Sachs and Morgan Stanley to prepare a confidential prospectus, as reported by the Wall Street Journal.
2. A $1tr Valuation and Global Ranking
Reports suggest OpenAI could be valued at over $1tr (€922bn) at listing. Deutsche Bank Research analyst Adrian Cox notes this would place the company just behind Berkshire Hathaway, which generated revenues of over $370bn (€341bn) and net earnings of $67bn (€61.8bn) last year. OpenAI would rank ahead of Eli Lilly, with sales topping $65bn (€59.9bn) and a profit of $21bn (€19.4bn). Nvidia, valued at $5.4tr (€4.98tr), remains the largest pure-play AI investment in public markets, with shares surging more than 13-fold since ChatGPT launched on 30 November 2022.
3. European Investors Seek Pure-Play AI
Retail investors in Europe currently have limited options for AI exposure, relying on semiconductor firms, cloud providers, or large tech companies. Deutsche Bank Research predicts an OpenAI listing would trigger "a scramble to make the most of investor appetite for direct exposure to pure-play AI companies in the public markets" — something that does not exist today. This is particularly relevant for European markets, where AI investment opportunities remain scarce compared to the US.
4. The AI IPO Race Heats Up
OpenAI is not alone. Anthropic, maker of the Claude model, has grown rapidly, overtaking OpenAI in sales last month with $30bn (€27.7bn) in annualised recurring revenue against OpenAI's $25bn (€23.1bn). Anthropic is projected to reach $40bn (€36.9bn) in annual recurring revenue this month, according to The Information. The company may seek to raise over $60bn (€55.4bn) in its own IPO this year, with a valuation of $900bn (€830bn), ahead of OpenAI's current $852bn (€786bn) private market valuation. A $60bn raise would be larger than the total raised in US IPOs in all but four years since 1980, Deutsche Bank Research notes, citing University of Florida data. The US stock market is now worth around $70tr (€64.6tr), roughly five times larger in nominal terms than at the peak of the dot-com bubble.
5. Profitability Questions Remain
Despite its scale, OpenAI has never turned a profit. The company is projected to generate around $30bn (€27.7bn) in annualised revenue this month, but internal projections reported by The Information suggest it is on course to lose $14bn (€12.9bn) in 2026 alone. Cumulative losses could reach $44bn (€40.6bn) before profitability in 2029. As Deutsche Bank Research puts it, "it has yet to be seen how public markets will value OpenAI and its peers once they open up their financial statements to scrutiny and explain the still little-understood economics of their business models." OpenAI has streamlined its products, focused on enterprise customers, and clarified its partnership with Microsoft. For European regulators and investors, the IPO raises questions about market concentration and the need for diversified AI investments, as highlighted by the EU's push for chip supplier diversification.
