A Trillion-Dollar Horizon: OpenAI's Ambitious Path to the Public Markets

The global technology sector is buzzing with reports that OpenAI, the pioneer behind the IA generativa (Generative AI) revolution, is laying the groundwork for a salida a bolsa (initial public offering, IPO) in late 2026. According to sources close to the matter, the San Francisco-based AI giant is targeting a valuation that could soar as high as $1 trillion. If realized, this would not only be the largest IPO in history but would also signal the definitive arrival of the "AI Economy" on Wall Street.

For industry observers and investors alike, this potential move represents the culmination of a decade of aggressive scaling, structural evolution, and unprecedented capital expenditure. At Creati.ai, we have closely monitored OpenAI's trajectory from a non-profit research lab to a commercial juggernaut. This development suggests that the company believes its technology—and the infrastructure supporting it—is ready to underpin the next generation of global economic growth.

The Valuation Climb: From Unicorn to Titan

To understand the magnitude of a $1 trillion target, one must look at the company’s explosive valuation history over the last two years. As of late 2024, OpenAI was valued at approximately $157 billion following a historic funding round led by Thrive Capital. By March 2025, that figure had nearly doubled to $300 billion, driven by a $40 billion capital injection led by SoftBank.

The momentum continued into October 2025, when a secondary share sale valued the company at a staggering $500 billion, making it the most valuable private company in the world, surpassing heavyweights like SpaceX and ByteDance. The leap to $1 trillion in late 2026 would require another doubling in value, a feat that seems ambitious yet plausible given the company's revenue acceleration.

Analysts point to OpenAI's annualized revenue, which reportedly hit $20 billion in 2025—up from just $3.7 billion in 2024—as a key justification for the premium. However, the valuation is not just a multiple of current revenue; it is a bet on the future dominance of la Inteligencia Artificial General (Artificial General Intelligence, AGI).

Financials: soaring Revenue Meets Massive Burn

While the top-line growth is undeniable, the costs associated with maintaining this lead are equally astronomical. Reports indicate that OpenAI projects a loss of approximately $14 billion in 2026. This figure is driven largely by the immense computational costs required to train next-generation models and the capital-intensive nature of the "Stargate" infrastructure project.

The Stargate Project, a $500 billion joint venture announced in January 2025 with partners including Oracle and SoftBank, aims to build the world's largest AI supercomputing network. This infrastructure is critical for OpenAI to achieve its stated goal of AGI. For public market investors, the core tension of the IPO will be balancing this massive cash burn against the promise of near-monopolistic control over future AI utilities.

Unlike traditional SaaS companies that aim for efficiency before going public, OpenAI appears to be positioning itself as a utility provider—similar to energy or telecom giants of the past—where massive upfront capital is the barrier to entry and the guarantor of long-term returns.

Comparison of Tech Valuation Milestones

The following table contextualizes OpenAI's rapid ascent compared to other technology giants that have reached or approached the trillion-dollar mark.

Structural Readiness: The Public Benefit Corporation

A critical precursor to this rumored IPO was the major corporate restructuring finalized in October 2025. Moving away from its complex modelo de "beneficio limitado" (capped-profit), OpenAI transitioned into una Corporación de Beneficio Público (Public Benefit Corporation, PBC). This structure allows the company to pursue fiduciary duties to shareholders while maintaining a legal obligation to its mission: ensuring AGI benefits all of humanity.

This shift was essential to make the company palatable to institutional public market investors, who require clearer governance and profit participation than the previous non-profit-controlled model allowed.

Key Governance Details:

• The OpenAI Foundation: Retains a 26% stake in the PBC, ensuring that mission-alignment remains a priority.
• Microsoft: Holds a significant 27% stake, cementing the long-term partnership despite OpenAI's increasing independence in infrastructure.
• Sam Altman: In a move that surprised some critics but aligned with his long-standing public stance, reports from the restructuring confirmed that CEO Sam Altman did not take an equity stake in the new PBC entity. This decision attempts to insulate the CEO from accusations of prioritizing personal wealth over safety, a critical narrative for maintaining public trust.

Regulatory Headwinds and Safety Commitments

An IPO of this magnitude will inevitably attract intense scrutiny from global regulators. The sheer scale of OpenAI's projected influence raises antitrust concerns. The U.S. Department of Justice and the EU Commission have already signaled their intent to monitor the AI sector for anti-competitive practices.

Furthermore, the "Safety First" mandate of the PBC structure will be tested by the quarterly pressures of Wall Street. Investors will be keen to see if OpenAI can maintain its safety protocols—such as delaying model releases for red-teaming—when stock performance is on the line. The company has stated that the PBC model explicitly protects these decisions from shareholder lawsuits, but this legal theory has yet to be stress-tested at a trillion-dollar scale.

The Ripple Effect on the AI Ecosystem

If OpenAI succeeds in listing at $1 trillion, the effects will cascade through the entire technology sector.

1. Venture Capital Validation: It would validate the tesis de inversión del "modelo fundacional" (foundation model), potentially unlocking fresh capital for competitors like Anthropic and xAI.
2. M&A Activity: A publicly traded OpenAI with liquid stock could become an aggressive acquirer, snapping up smaller specialized AI firms to bolster its application layer.
3. Enterprise Adoption: Public transparency often brings a new level of trust for enterprise customers. Fortune 500 CIOs may feel more comfortable building critical workflows on top of a public company subject to SEC reporting standards rather than a private entity.

Conclusion: A Watershed Moment

The rumored late 2026 IPO of OpenAI is more than just a financial event; it is a referendum on the future of the AI economy. A $1 trillion valuation implies that the market views IA generativa (Generative AI) not as a feature, but as a foundational shift comparable to the internet or electricity.

For Creati.ai, this development underscores the speed at which the landscape is shifting. As we move closer to 2026, the question is not just whether OpenAI can hit the $1 trillion mark, but whether the public markets are ready to price in the risks and rewards of the path to la Inteligencia Artificial General (Artificial General Intelligence, AGI). We will continue to monitor these developments, providing the deep analysis our readers expect.