OpenAI IPO rumors surge

Posts on X and prediction-market screenshots pushed a fresh OpenAI IPO rumor cycle this week, but the clearest public pricing signal still points the other way: Polymarket’s “No IPO by December 31, 2026” contract was around 67% on April 14. (polymarket.com) OpenAI has not announced an initial public offering, filed an S-1, or published a listing timetable. In November 2025, Chief Financial Officer Sarah Friar said an IPO was “not on the cards right now” and said the company was focused on scaling operations. (economictimes.indiatimes.com) The company has also had less reason to rush to public markets after raising huge sums privately. OpenAI said on March 31, 2025 that it closed a $40 billion funding round at a $300 billion post-money valuation, with SoftBank as its lead backer. (openai.com) Private-market pricing moved higher after that. CNBC reported on October 2, 2025 that OpenAI completed a secondary share sale valuing the company at $500 billion, with about $6.6 billion of stock sold by current and former employees. (cnbc.com) The corporate structure is another reason IPO talk gets tangled. OpenAI said on May 5, 2025 that its for-profit limited liability company would transition to a Public Benefit Corporation, while the nonprofit parent would keep control and remain a large shareholder. (openai.com) That matters because a Public Benefit Corporation can sell shares like a regular company, but it is also required to weigh its stated public mission alongside shareholder interests. OpenAI said the revised structure followed talks with the attorneys general of California and Delaware and preserved nonprofit control. (openai.com) Some of the numbers now circulating online do line up with pieces of recent reporting, but not with a confirmed IPO plan. Decrypt reported last week that OpenAI’s chief revenue officer, Denise Dresser, said enterprise now accounts for more than 40% of company revenue. (decrypt.co) Other figures in the rumor mill are harder to verify from primary or major-source reporting. CNBC reported in March 2025 that OpenAI expected revenue to more than triple to $12.7 billion in 2025, which is far below the $250 billion annual revenue claim now appearing in some social posts. (cnbc.com) The near-term question is less whether traders can imagine an $800 billion or $1 trillion debut than whether OpenAI chooses to list at all in 2026. As of mid-April 2026, the public record shows a company still raising private capital, still reshaping its governance, and still saying no IPO is on the table right now. (polymarket.com) (economictimes.indiatimes.com)