Inside OpenAI's Trillion-Dollar IPO Plans

Goldman Sachs and Morgan Stanley are the lead underwriters steering the deal . However, as the gravity of a trillion-dollar listing becomes clear, OpenAI is expanding its bench. As of late May 2026, the company has held discussions with Citigroup and JPMorgan Chase about joining the banking syndicate, according to people familiar with the matter . No final decision has been made on expanding the lineup, but the move signals that OpenAI wants the full weight of Wall Street behind its public debut . JPMorgan had already been reported as involved in earlier deal preparation coverage .

The reaction to the deal's scale was immediate. Goldman Sachs's stock gained over 5% on May 20, 2026, following a Wall Street Journal report confirming the bank's lead role .

Valuation: From $852 Billion to a $1 Trillion Target

The numbers underpinning this IPO are staggering. OpenAI’s last private valuation of $852 billion comes from its March 2026 funding round, the largest private fundraising event in Silicon Valley history . For the public listing, the company is targeting a valuation above $1 trillion, which would make it one of the most valuable companies in the world on its first day of trading .

A key feature of the offering will be access for individual investors. CFO Sarah Friar confirmed a portion of shares will be reserved for retail investors after a private placement was oversubscribed 3x by individual buyers. The banks involved called it the largest private placement they have ever conducted .

The Timeline: September 2026 and the IPO Race

CEO Sam Altman is targeting a public debut in September 2026 . However, some reports note the timeline could slip into Q4 2026, specifically between Labor Day and Thanksgiving, depending on SEC review velocity and market conditions .

The timeline places OpenAI in a direct race with Elon Musk’s SpaceX, which filed for its own trillion-dollar IPO shortly before OpenAI . OpenAI appears to be moving slightly ahead of SpaceX in the filing timeline . Anthropic, a direct AI competitor, is also preparing to go public in the same window, creating a high-stakes competition for investor capital and attention .

The key question is which mega-company lists first. With its confidential filing completed, OpenAI has pulled ahead in papering the deal, but market conditions will ultimately determine which debut sets the tone for the 2026 mega-IPO wave.