The timeline for AI's "peak" has arrived? Reports indicate that OpenAI is considering filing as early as the second half of 2026, with an IPO in 2027, and a valuation of $1 trillion

OpenAI is preparing for a potentially record-breaking IPO. On October 30, Reuters reported, citing informed sources, that OpenAI is considering going public with a valuation of up to $1 trillion, with plans to submit its listing application to securities regulators as early as the second half of 2026, aiming for a formal listing in 2027. Although the plans are still in the early stages and may be adjusted based on business growth and market conditions, the initial envisioned fundraising scale is at least $60 billion. Yesterday, Wallstreetcn mentioned that OpenAI has restructured the company this week to reduce its reliance on Microsoft, paving the way for a future IPO. OpenAI is expected to consume $115 billion by 2029, while this year's revenue is projected to be only $13 billion, resulting in a significant funding gap. OpenAI CEO Sam Altman mentioned in a public live stream: Given our capital needs, an IPO is a possible option. The Arrival of Giants in the AI Boom OpenAI's IPO plan coincides with an unprecedented surge in artificial intelligence in the global public market. Earlier this year, AI cloud company CoreWeave went public with a valuation of $23 billion, and its stock price has roughly tripled since then. Chip giant NVIDIA became the first company to surpass a market value of $5 trillion on Wednesday, with its stock price soaring, solidifying its core position in the global AI boom. The hot market environment creates a favorable window for giants like OpenAI to make their debut. If successful, the IPO will bring substantial returns to its early investors, including Microsoft, SoftBank, Thrive Capital, and Abu Dhabi's MGX. Currently, after investing $13 billion in OpenAI, Microsoft holds about 27% of the company. OpenAI's IPO will undoubtedly serve as the ultimate test of whether this round of AI enthusiasm can be sustained. Altman revealed in yesterday's live stream that OpenAI's revenue this year is expected to be only $13 billion, highlighting a significant gap between this and the projected consumption of $115 billion by 2029, as well as server expenses. While the IPO may further dilute existing shareholders' equity, it is crucial for the company's continued operation. The IPO will provide the company with critical funding to cope with fierce competition from rivals like Google and xAI. Multiple Timelines Advancing Simultaneously OpenAI's IPO plan is highly aligned with its technology roadmap and business expansion timeline. According to internal company planning, by September 2026, OpenAI has set an internal goal of having an automated AI research intern running on hundreds of thousands of GPUs; by March 2028, the goal is to have a true automated AI researcher. In terms of scientific discovery, the company expects that by 2026, AI systems may be able to make small-scale new discoveries; by 2028, significant discoveries may be on the horizon The investment in computing power also has a clear plan. Currently, OpenAI has committed to investing approximately 30 gigawatts of computing power, with a total ownership cost of about $1.4 trillion over the next few years. The more ambitious goal is to establish an "AI factory" that can generate 1 gigawatt of additional computing power per week at a cost far lower than today. The New Structure After Reorganization The preparation for this IPO comes after OpenAI completed a complex corporate restructuring, which is seen as reducing its dependence on major supporter Microsoft. OpenAI has transitioned from a non-profit organization established in 2015 through multiple structural adjustments to now form a new structure: a non-profit organization called the OpenAI Foundation, managing a public-benefit company called OpenAI Group. The foundation initially owns 26% of OpenAI Group's shares, and if the company reaches certain milestones, the foundation can obtain additional shares through warrants. This change makes the non-profit organization an important stakeholder in OpenAI's financial success. The recent restructuring converted early investors' investments into common equity and removed the cap on financial returns for shareholders, clearing institutional barriers for a potential IPO and greatly enhancing its appeal to public market investors.