As OpenAI is raised to a valuation of $830 billion in the private equity market, a sharp question arises: Why does Google, also in the AI sector, only achieve less than half of that revenue valuation multiple in the secondary market?
This Thursday, the Nasdaq index fell by 0.4%, with continued selling pressure on tech stocks. It seems like a mundane day in February 2026, but deep within the market, there is a severe sense of disconnection: investors' anxiety about AI disrupting existing giants continues to suppress the stock prices of leading companies like Google; meanwhile, unlisted AI leaders like OpenAI are continuously refreshing their valuation financing.
Martin Peers, an analyst at tech media The Information, analyzed that if investors accept OpenAI's valuation of $830 billion, then logically, this should be a positive for Google.
According to data from S&amp;P Global Market Intelligence, based on the $830 billion valuation, ChatGPT's creator OpenAI has reached a valuation that is 14 times its projected revenue for 2027. In contrast, Google's current trading price is only 6.7 times its projected revenue for 2027.
From a multiple arithmetic perspective, this means that if we use the same &#34;2027 revenue multiple&#34; for measurement, Google's corresponding valuation multiple would need to be close to the current approximately 2.1 times to align (14/6.7≈2.1). It is important to note that this is merely a comparison of &#34;pricing scales.&#34;
Although Google's recent performance has outperformed other tech giants, its stock price has still been in a downward trend since the beginning of the year.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/91552fce-421f-4c32-bcd7-c6dce702906d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/91552fce-421f-4c32-bcd7-c6dce702906d.png"/>
The market's bullish logic on OpenAI lies in the &#34;high growth premium&#34;—as a business still under construction, its revenue is expected to experience explosive growth in the coming years. This is indeed a reasonable viewpoint, but investors seem to overlook two key facts:
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The profitability gap: OpenAI is currently suffering significant losses and is expected to continue burning cash for several years; whether it can ultimately achieve profitability remains uncertain.
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Comparative moats: Google possesses almost all the technological capabilities that OpenAI has in the AI field (except for the ongoing management drama), and Google has extremely mature cash-generating businesses that OpenAI lacks.
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As analyst Martin Peers stated: “Who would you be more willing to bet on?”
<h2>The Forgotten Giant Dividend?</h2>
In the wave of investors eager to flee tech stocks, an obvious trend has been overlooked: some giants will become wealthier and stronger in the AI transformation. In Peers' view, Google clearly belongs to this category.
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“Some companies will become stronger and wealthier after the AI transformation. Google will obviously be among these companies.”
In addition, Microsoft, which holds a 27% stake in OpenAI, and cloud service giant Amazon also have the potential to become winners.
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Although the stock performance of these two companies over the past year has left investors hesitant, the current valuation gap may be an opportunity for independent thinking.
For the market, the core of Peers is not to provide a single answer to &#34;what Google should be worth,&#34; but to highlight two main lines of the current valuation system: one is the high-multiple &#34;growth bet&#34; represented by OpenAI, and the other is the &#34;cash flow and certainty discount&#34; represented by Google. How these two will rebalance will depend on the market's repricing speed of the commercialization path and competitive landscape of AI

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OpenAI's latest financing valuation is approximately $830 billion, about 14 times its expected revenue in 2027; while Google's is only about 6.7 times. In terms of multiples, there is a pricing scale difference of about 2 times between Google and OpenAI. Analysis indicates that the market has overly amplified the risks of AI disruption, while neglecting the resource advantages and safety margins of giants like Google and Microsoft in the AI transformation

- OpenAI has reached a valuation of $830 billion, raising questions about why Google's market valuation is less than half that amount.  
- Analysts highlight a significant earnings gap, as OpenAI is currently unprofitable while Google possesses a mature business model.  
- The divergence in valuations reflects two investment strategies: high-growth speculative bets represented by OpenAI versus discounted cash flow reliability exemplified by Google, with market dynamics influencing the potential for rebalancing.

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If OpenAI is valued at $830 billion, how much should Google be worth?