OpenAI has set plans for an initial public offering (IPO) in Q4 2026, intensifying the OpenAI IPO race with rival Anthropic. The move comes as investor interest in pure-play generative AI listings rises again.
The proposed timing would land during a year the Wall Street Journal expects to be heavy for stock-market debuts. However, the scale of AI spending now sits at the center of the debate.
OpenAI has been building its finance function ahead of the offering. The company hired Ajmere Dale as chief accounting officer.
It also hired Cynthia Gaylor as corporate business finance officer. Gaylor will oversee investor relations as IPO preparation advances.
CEO Sam Altman is likely to delegate some IPO responsibilities to Fidji Simo. Simo leads product and business teams as OpenAI’s CEO of Applications and previously ran Instacart.
Altman has signaled mixed feelings about becoming a public-company CEO. On the Big Technology podcast last December, he said it would be “really annoying.”
Anthropic has also staffed up quietly for a potential end-of-year IPO track. The company has told financial partners it is open to a public listing by year-end.
New hires include Andrew Zloto to lead capital markets. Reports also describe the hiring of Kevin Chang, a Blackstone investor, though the company has not announced it.
OpenAI executives have voiced concern about losing the IPO race to Anthropic. The rivalry carries added weight because former OpenAI leaders founded Anthropic.
Meanwhile, both companies face questions about operating losses. Reports say both lose billions annually, while Anthropic targets break-even in 2028, about two years ahead of OpenAI.
OpenAI is also pursuing a large pre-IPO funding round. Reports say it aims to raise over $100 billion at a valuation of $830 billion.
SoftBank has discussed investing nearly $30 billion in OpenAI. In addition, Amazon has held talks about investing up to $50 billion, with Altman and Amazon CEO Andy Jassy steering negotiations. Reports also name Microsoft and NVIDIA as possible backers at up to $40 billion. Consequently, OpenAI could reach the public markets with unusually large private backing.
Fortune reported that OpenAI has begun informal talks with Wall Street banks. OpenAI representatives did not immediately respond to a request for comment cited in that report. The spending profile remains a central concern for public market investors. Reports say OpenAI has committed to $1.4 trillion of data center spending by 2033 and has raised about $64 billion to date.
HSBC has projected a $207 billion funding shortfall by 2030. The same projection cited revenue as high as $213 billion by then, even as OpenAI expects profit in 2030. Still, the broader IPO backdrop has shifted since the last peak. Renaissance Capital said 397 US companies raised over $142 billion in 2021, while about 202 companies raised $44 billion in 2025.
Morgan Stanley equity capital markets executive Eddie Molloy said the market could see “potentially unprecedented I.P.O. deal sizes.” He also said investor interest could make those offerings executable at scale.
As OpenAI and Anthropic move toward public listings, disclosure risks will grow. Reports point to regulatory pressure and lawsuits tied to alleged psychological harms from chatbots. The Q4 2026 target now sets a clear window for the OpenAI IPO. Meanwhile, the result will depend on whether investors accept large losses alongside rapid expansion.
Also Read: Anthropic CEO Warns AI Firms Against Reckless Spending Amid Growth Boom