In the wave of artificial intelligence reshaping the global economy, OpenAI is standing at the threshold of a historic capital milestone. According to sources cited by Reuters, this globally influential AI company is actively preparing for its initial public offering (IPO), with an estimated valuation potentially exceeding $1 trillion (approximately 7.1 trillion yuan), which, if realized, would make it one of the largest IPOs in tech history, rivaling or even surpassing Facebook and Alibaba.

Behind the Trillion-Dollar Valuation: $20 Billion Annual Revenue and Continuous Spending Coexist

Although OpenAI's official spokesperson has cautiously stated that "going public is not the top priority right now," its financial data shows signs of accelerated commercialization: it is expected to reach an annualized revenue of $20 billion by the end of 2025, mainly from ChatGPT Enterprise, API calls, Sora app store, and enterprise-level Agent platforms. However, high growth comes with significant investment—company losses continue to widen. CEO Sam Altman admitted, "Considering our unprecedented demand for computing power and infrastructure, IPO may be the most viable financing path."

It is reported that OpenAI has committed over $1.4 trillion to building AI-specific infrastructure, aiming to add 1 gigawatt of computing power per week. This "heavy asset" model requires long-term capital support, making IPO an inevitable choice.

Reorganization of Governance Structure: Non-Profit Institutions Still Hold Key Control

This week, OpenAI completed a new round of structural reorganization: the non-profit foundation OpenAI Foundation continues to hold control and owns 26% of shares in the for-profit entity OpenAI Group, retaining veto power over major decisions. This structure continues its founding vision from 2015—to ensure that the development of general artificial intelligence (AGI) prioritizes safety and human well-being, rather than solely pursuing profit.

Microsoft, as the largest external shareholder, holds about 27% of shares and has invested $13 billion, while also deepening collaboration through Azure cloud. Top-tier capitals such as SoftBank, Thrive Capital, and MGX from Abu Dhabi have also heavily invested, waiting for the substantial returns from the IPO.

The AI Boom Boosts Valuation, Markets Expect the "Next NVIDIA"

Currently, the capital market's enthusiasm for AI is high: NVIDIA's market value has exceeded $5 trillion, becoming the world's most valuable company; after its listing, AI cloud service provider CoreWeave saw its stock price surge threefold. In this context, OpenAI, as the absolute leader in large models and multimodal technology, with its scarcity and platform potential, has become the "ultimate AI investment target" in the eyes of investors.

Although the exact time for the IPO has not been finally confirmed, multiple sources point to 2027 as a key window. At that time, if GPT-6, Sora video ecosystem, and enterprise Agent platform are fully mature, the trillion-dollar valuation may be achieved smoothly.

IPO Is Not Just Financing, but the "Coming-of-Age Ceremony" of the AI Era

For OpenAI, the IPO is more than just a financial move—it marks the transition of AI technology from laboratory innovation into the global public capital market, facing the scrutiny and trust of millions of shareholders. For the world, this may mean that general artificial intelligence is no longer a distant science fiction, but a real force about to be embedded in the economic fabric.

When a company carries humanity's hopes and concerns for AGI, its listing is destined to change not only stock prices, but also the technological and social landscape of the next decade.