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Pre-IPO

OpenAI

Leading frontier AI company behind ChatGPT and Codex. 1.2B+ weekly users, $50B+ revenue run-rate, pre-IPO round ahead of an expected 2027 listing

Last published price (USD)$840.22
02/2026 — 10/2026+28.6%
02/202603/202608/202609/202610/2026
$840.22Last published price (USD)
$852BPost-money valuation
HighMarket activity
LiveStatus

Who they are & what they do

SectorEnterprise Software
Industries
Generative AIFoundation ModelsAI Agents & Coding ToolsEnterprise AI PlatformsConsumer AI ApplicationsDigital Advertising
Company overview

OpenAI is the San Francisco-based developer of the GPT family of frontier models. It operates as a public benefit corporation controlled by the OpenAI Foundation following its 2025 recapitalization. It monetizes its models through four channels: consumer subscriptions to ChatGPT, enterprise products (ChatGPT for Work and Frontier agents), the Codex coding agent, and its API platform. Since 2026 it also earns revenue from in-product advertising.

The scale of distribution has no precedent in software. At DevDay, the company reported more than 1.2 billion weekly ChatGPT users, over 35 million weekly ChatGPT Work and Codex users, and 2.5 million businesses using OpenAI products. The business is now shifting toward enterprise. Overall annualized revenue grew 77% in the third quarter, while enterprise revenue grew 107%. Management has guided investors to an annualized revenue of $70B or more by the end of 2026, up from about $50B at the end of September. Advertising adds a new layer of monetization on the free user base. ChatGPT Ads reached a $1B run-rate less than 200 days after launch and now operates in 89 countries. Ads appear only on the Free and Go plans The business is highly capital intensive because of compute requirements. Q2 2026 revenue was $6.7B, with an operating loss of $12.3B. The company confidentially submitted an S-1 in June 2026, with a listing potentially targeted for 2027. The current round is a pre-IPO bridge.

Key investors

MicrosoftSoftBankAmazonNvidiaAndreessen HorowitzThrive CapitalSequoia CapitalKhosla VenturesMGXD.E. Shaw VenturesTPGT. Rowe PriceFidelityFounders Fund
Founded 2015
Country United States
Employees ~4,500
Website openai.com

Website: openai.com

Why look at this deal

Highlights

  1. 01Frontier Models
  2. 02Consumer Scale
  3. 03Enterprise Momentum
  4. 04Ads Monetization
  5. 05IPO Pathway

Deal snapshot

Market activityHigh
Last published price (USD)$840.22
Last roundSeries C
Round dateMar 2026
Amount raised (last round)$122B
Post-money valuation$852B
Total funding$180B
LFR price/share$687.69

Locked fields are disclosed after expressing interest.

Pre-IPO investment risks

Standard notice applying to all pre-IPO deals. This platform only publishes information about the opportunity: each deal is managed by a regulated, licensed investment firm or bank in the relevant jurisdictions.

  1. Illiquidity. There is no regulated market: the ability to sell depends on secondary-market demand.
  2. Price not guaranteed. The last published price is not an official market price and can vary between transactions.
  3. Uncertain valuation. Based on private rounds and limited transactions, not on audited public financial statements.
  4. No IPO guarantee. The listing may be delayed or never happen; the liquidity horizon is undetermined.
  5. Lock-up. If the company lists, selling restrictions of 90–180 days or longer may apply.
  6. Limited information. Private companies have reduced disclosure obligations and not-always-audited data.
  7. Dilution. Subsequent rounds can dilute existing positions, even significantly.
  8. Transfer restrictions. Rights of first refusal (ROFR) and corporate consents can delay or prevent settlement.

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