Even OpenAI Is Going Public!

AI startups are racing toward the stock market. On October 30, multiple media outlets reported that OpenAI is planning to file for an IPO as early as the second half of 2026, with a public listing expected in 2027. The proposed valuation could reach a staggering $1 trillion, with plans to raise at least $60 billion. The news sent shockwaves across the global AI landscape. Yet OpenAI isn’t alone—AI startups worldwide, from Silicon Valley to Shanghai, are rushing to go public, signaling a new chapter in the AI gold rush. In China, companies like Unitree Robotics, Kujiale Technology, Moore Threads, and Zhipu AI—often dubbed the “Little Dragons and Tigers” of the domestic AI industry—are already at various stages of the IPO journey. For instance, Zhipu AI began its IPO preparation as early as April 2025, while DeepScience (01384.HK) became the first enterprise-level AI model company to list on the Hong Kong Stock Exchange in October. Meanwhile, MiningLamp Technologies has begun its own listing process, expected to debut on the exchange this November. From the United States to China, the AI industry’s acceleration toward the capital market is unmistakable. But one critical question remains: Is going public the beginning or the end for AI innovators?

For global markets, OpenAI’s move toward an IPO marks a historic milestone. According to reliable reports, OpenAI plans to file in late 2026, aiming for a 2027 debut, with a valuation approaching $1 trillion—potentially making it one of the most valuable IPOs in history. Founded in 2015 by Elon Musk, Sam Altman, and Peter Thiel, OpenAI began as a non-profit organization with a utopian goal: to ensure artificial general intelligence (AGI) benefits all of humanity. But as AI evolved and funding needs soared, the company transformed in 2019 into a “capped-profit” entity, enabling outside investment while maintaining its mission. That same year, Microsoft invested $1 billion, laying the foundation for a powerful partnership.

Then came ChatGPT—the turning point. Launched in November 2022, the chatbot reached one million users in just five days, becoming one of the fastest-growing applications in history. The launch of Sora (AI text-to-video) in early 2024 and GPT-5 in August 2025 cemented OpenAI’s dominance in AI innovation. With this explosive growth came financial momentum. OpenAI’s revenue surpassed $1.6 billion in 2023 and is expected to hit an annualized run rate of $20 billion by 2025, with over 800 million weekly active users. However, its non-profit structure limited fundraising flexibility, prompting a corporate restructuring in late 2024 that paved the way for a future IPO.

The OpenAI frenzy mirrors what’s happening across the Pacific. In China, nearly 50 AI firms have filed for listings on the Hong Kong Stock Exchange as of mid-2025. Among them, Zhipu AI, often referred to as one of the “AI Six Tigers,” could soon become the first of its group to go public. The company has raised over 11 billion RMB ($1.5 billion) across 15 funding rounds, achieving a valuation exceeding 20 billion RMB ($2.7 billion). According to AI investor Lin Qiang, the market is at the “eve of an explosion.” Investors are eager to back startups capable of shaping the AI future. “Capital enthusiasm proves that even with tech giants dominating AI, startups still have sharp blades,” Lin said.

Whether in San Francisco or Shanghai, the IPO path offers both temptation and necessity. For OpenAI, the push is as much about survival as it is about ambition. Despite rapid revenue growth, the company faces astronomical costs—from compute infrastructure to top-tier AI talent. Internal projections suggest potential losses of up to $40 billion by 2028, with positive cash flow unlikely before 2030. An IPO would therefore serve as a strategic gateway to unlock massive capital for OpenAI’s next leap—funding new systems, scaling AGI infrastructure, and accelerating global expansion. CEO Sam Altman himself confirmed that going public is “the most likely path” to secure the trillions needed for the next phase of AI advancement.

For investors like SoftBank, Thrive Capital, and Abu Dhabi’s MGX, a successful IPO could yield massive returns—cementing OpenAI’s status as a dominant force in the AI economy. As Lin Qiang noted, “Today’s $1 trillion valuation doesn’t just reflect OpenAI’s earnings—it’s a recognition of its symbolic power in the new technological order.” Yet as Lin points out, an IPO isn’t a finish line—it’s the start of a new marathon. Unlike traditional IPOs focused on investor exits, OpenAI’s potential listing would be about deepening investment in AGI research and strengthening global influence through capital alignment.

The challenge ahead is immense. OpenAI must balance long-term AGI ambitions with short-term shareholder expectations while fending off fierce competition from Microsoft, Google, Amazon, and a rapidly growing open-source ecosystem. “Investors aren’t buying OpenAI’s current profits—they’re buying its call option on AGI,” Lin explained. “If OpenAI is the first to unlock AGI, its value could multiply tenfold—much like early bets on the internet or electric vehicles.” Still, risks abound. The road to AGI is riddled with technical bottlenecks, skyrocketing compute costs, and intensifying ecosystem rivalries. OpenAI’s IPO might open the door to the future, but what lies beyond is uncertain.

For both OpenAI and its global peers, the symbolism of going public extends beyond valuation—it’s about redefining how capital and technology coexist. As Lin puts it, “When a technology becomes powerful enough to reshape civilization, should it be driven purely by capital, or by a higher mission?” In China, the same question applies. While next-gen AI startups like Zhipu and Moore Threads sprint toward IPOs, their challenge isn’t just raising funds—it’s building sustainable business models. The earlier wave of “AI Four Dragons” (SenseTime, Megvii, Yitu, CloudWalk) proved that listing alone doesn’t guarantee commercial success.

Now, a new generation of AI firms is emerging—armed with large-scale models, faster innovation, and a clearer path to monetization. Yet as Lin aptly concluded: “For AI companies, the true finish line isn’t the IPO bell—it’s whether they can make technology truly create value. In this marathon of intelligence, only those who turn innovation into impact will be the last ones standing.”