OpenAI — the company behind ChatGPT — is preparing for what could be the largest IPO in recorded history. The company behind the AI tool used by hundreds of millions of people globally is heading to the public stock market, targeting a valuation of $1.75 trillion or above. Here’s everything you need to know and what it means for ChatGPT users.
What is an IPO?
An IPO — Initial Public Offering — is when a private company sells shares to the public on a stock exchange for the first time. It’s how companies raise large amounts of capital and allows early investors and employees to cash out their stakes.
For OpenAI it represents a fundamental shift — from a privately controlled organisation to one accountable to public shareholders with quarterly earnings expectations.
How Big is the OpenAI IPO?
This isn’t just a big IPO — it’s potentially the biggest in recorded history. OpenAI is targeting proceeds of $75 billion at a valuation of $1.75 trillion or above, with Goldman Sachs leading a 21 bank syndicate managing the offering.
To put that in context — this would value OpenAI higher than companies like Coca-Cola, Nike and McDonald’s combined.
Why is OpenAI Going Public Now?
Several factors have converged to make 2026 the right moment:
Revenue growth — ChatGPT and the OpenAI API have generated substantial commercial revenue. The company has demonstrated it can monetise its technology at scale.
Competition — Anthropic recently raised $65 billion at a $965 billion valuation. Google and Microsoft are investing billions in AI. Going public gives OpenAI access to capital to compete at this level.
Investor pressure — early investors including Microsoft have significant stakes they want to eventually liquidate. An IPO provides that liquidity.
Market timing — AI interest among public market investors is at an all time high. The window for a premium valuation may not stay open indefinitely.
What Does This Mean for ChatGPT Users?
This is the question most people actually care about. The honest answer is nuanced.
Prices could increase — public companies face pressure to grow revenue and profit. ChatGPT Plus currently costs £16/month ($20/month). Post IPO pressure to increase margins could lead to price increases over time.
More features, faster — access to public capital means OpenAI can invest more aggressively in research and development. Expect faster feature releases and more capable models.
Less flexibility on safety — private companies can make long term decisions without quarterly earnings pressure. Public companies face scrutiny on every decision. Some researchers worry this could affect how OpenAI balances capability development with safety research.
More enterprise focus — public companies tend to prioritise large enterprise customers who generate predictable recurring revenue. Consumer products like ChatGPT may become secondary to enterprise API business.
Potential acquisition — once public OpenAI becomes theoretically acquirable by a larger company. An acquisition by Microsoft — already a major investor — or another tech giant is possible though not certain.
OpenAI vs Anthropic — Two Very Different Paths
The contrast between OpenAI and Anthropic’s trajectories in 2026 is striking.
OpenAI is going public — embracing the scrutiny, short term pressure and capital access that comes with public markets.
Anthropic recently raised $65 billion while remaining private — maintaining the ability to make long term decisions without quarterly earnings pressure. This is one reason many AI safety researchers prefer working at Anthropic.
For users the practical difference is this — Claude and ChatGPT may develop differently as a result. Claude’s development driven by a private safety focused company may prioritise different things than ChatGPT’s development driven by public market expectations.
Neither path is inherently better — but they reflect genuinely different philosophies about what AI development should prioritise.
Should You Invest in the OpenAI IPO?
This is a question only you can answer — and I’d encourage you to speak to a qualified financial adviser before making any investment decisions. A few honest observations though:
AI companies are currently valued at extraordinary multiples based on future growth expectations. $1.75 trillion is an enormous valuation for a company — even one growing as fast as OpenAI.
Public market investors buying at IPO price are essentially betting that OpenAI will continue to dominate AI for years to come — despite intense competition from Google, Anthropic, Microsoft and others.
The history of technology IPOs suggests that the best returns often come from investing before the IPO or waiting for post-IPO price corrections rather than buying on the opening day.
This is not financial advice — always consult a qualified financial adviser before investing.
What Happens to ChatGPT if OpenAI Goes Public?
ChatGPT itself won’t change immediately after the IPO. Your subscription continues, your conversations continue and the product continues to develop.
The changes — if they come — will be gradual. Pricing decisions, feature priorities and research direction may shift over time as public market pressures become a factor in every significant decision OpenAI makes.
For now — ChatGPT remains one of the best AI assistants available alongside Claude, Google Gemini and Microsoft Copilot. The IPO changes OpenAI’s corporate structure — not the product you use today.
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