OpenAI’s IPO race and the $1 trillion question

Hello,

OpenAI is moving closer to what could be one of the most consequential IPOs in tech history.

The Information has been tracking the path before it became a public-market story: the restructuring that cleared the way for a public listing, the bankers and lawyers preparing the filing, the investor skepticism around its valuation and cash burn, and the competitive pressure from Anthropic’s own public-market ambitions.

That is what sets The Information apart. While much of the media reports on what already happened, our deeply sourced journalists focus on where the story is going next—often months before it reaches broader market awareness.

Before it’s everywhere, it’s in The Information. Subscribe now and save 25% on your first year.

As AI’s biggest private companies prepare to face public investors, the question is shifting from how fast OpenAI can grow to whether Wall Street will buy the story at a valuation approaching $1 trillion.

OpenAI’s IPO prep

The valuation test

OpenAI’s private valuation has soared, but public investors are weighing that price against the company’s heavy spending on servers, data centers and infrastructure. The IPO could become a defining test of how much investors are willing to pay for AI growth.

The broader AI market

OpenAI’s debut won’t happen in isolation. Anthropic is also weighing a public listing, while SpaceX and recent AI-linked IPOs could shape investor appetite for the next wave of high-profile tech offerings.

Our deeply sourced reporters understand the technologies, business models and market dynamics shaping AI before they become consensus. Subscribe now for Subscribe for $399 $299 and save 25% on your first year to follow The Information’s exclusive reporting on OpenAI’s path to Wall Street.