OpenAI
Invest in OpenAI Pre-IPO: Private Deal & Secondary Shares
Updated in June, 2025
Founded in 2015 (Source: Company founding announcement, Dec 2015), OpenAI is headquartered in San Francisco and employs approximately ~9,268 people as of May 31, 2026 (Source: Tracxn / company disclosure, May 2026). OpenAI operates at the center of frontier AI research, generative AI, and advanced model alignment, priority sectors within America 2030.
What is Open AI?
OpenAI's mission is to ensure that artificial general intelligence (AGI), defined as highly autonomous systems that outperform humans at most economically valuable work, benefits all of humanity. (Source: OpenAI AGI Mission Statement, June 2023)
The company is the creator of ChatGPT, a conversational AI system capable of answering questions, handling instructions, rejecting harmful requests, and supporting multimodal tasks. (Source: ChatGPT Technical Report, Nov 2023)
OpenAI develops advanced frontier models (GPT-4, GPT-4o, GPT-5, multimodal agents) and licenses infrastructure through API and enterprise partnerships. (Source: API Product Release Notes, 2024–2025)
Is Open AI Publicly Traded?
No. OpenAI remains a private company. Its shares trade only through private secondary markets or via primary fundraising allocations. (Source: Company statement, 2026)
Note: On June 8, 2026, OpenAI filed a confidential draft S-1 with the SEC, reportedly targeting a valuation above $1 trillion. The company is still private, with no immediate listing date, and management has signaled the process may take a while. (Source: CNBC, June 2026)
OpenAI achieved $10B in annualized revenue by June 2025, up from $3.7B in 2024. (Source: Internal financials shared with investors, June 2025)
Revenue comes from:
ChatGPT consumer subscriptions
Enterprise deployments
API services
Model licensing to partners (Microsoft licensing excluded from reported revenue)
(Source: Investor Update, June 2025)
OpenAI Valuation and Financials
Revenue
2025 revenue:
~$13B full-year recognized (CFO Sarah Friar, Sep 2025)
~$20B annualized run-rate exiting the year (Sam Altman, Nov 2025) ~2.3× on 2024
The two figures aren't a contradiction: $13B is revenue actually recognized across the year, $20B is the December exit run-rate after a steep ramp.
2026 (forecasts):
~$46B revenue (~2.3× growth)
but a projected ~$14B operating loss (OpenAI spent ~$34B in 2025)
Valuation
OpenAI's valuation rose significantly due to its frontier-model leadership:
$157B valuation, Oct 2024 (Source: PitchBook, Oct 2024)
$300B valuation, Mar 2025 following a historic $40B raise (Source: Reuters, Mar 2025)
$500B valuation, Aug 2025 after updated investor pricing (Source: Bloomberg Private Markets, Aug 2025)
$852B valuation, Mar 2026 following a $122B raise (Source: Tracxn / PitchBook, Mar 2026)
This places OpenAI among the world's most valuable private companies, alongside SpaceX and ByteDance. (Source: Tracxn / PitchBook, 2026)
Most Recent Financing Status
In March 2026, OpenAI completed its latest private funding round:
$122B raised at an $852B post-money valuation, closed March 31, 2026 (Source: Tracxn / PitchBook, Mar 2026)
Co-led by SoftBank with a16z, D.E. Shaw, MGX, TPG, and T. Rowe Price (Source: Tracxn / PitchBook, Mar 2026)
Additional participants: Amazon, NVIDIA, Microsoft (Source: Tracxn / PitchBook, Mar 2026)
Total funding raised: approximately $180B across 15 rounds. (Source: Tracxn, 2026)
Q1 2026 Funding Round, $852B Valuation
In March 2026, OpenAI completed a funding round that lifted its private valuation to $852 billion, placing it among the highest-valued private companies globally, alongside SpaceX and ByteDance. This reflects a $122B investment package co-led by SoftBank, with a16z, D.E. Shaw, MGX, TPG, and T. Rowe Price, and additional participation from Amazon, NVIDIA, and Microsoft. (Source: Tracxn / PitchBook, Mar 2026)
The round is driven by:
Accelerating enterprise adoption
Continued revenue inflection
Growing strategic demand for frontier-model infrastructure
Preparation tied to OpenAI's confidential S-1 filing and potential future IPO
This raise follows OpenAI's governance restructuring and precedes its confidentially filed draft S-1 (June 8, 2026), which reportedly targets a valuation above $1 trillion. (Source: CNBC, June 2026)
Who owns Open AI?
OpenAI has a hybrid nonprofit–for-profit structure:
Parent Entity: OpenAI, Inc. (Nonprofit) Controls mission, governance, and capped-profit parameters. (Source: OpenAI Governance Charter, 2023)
Operating Entity: OpenAI Global, LLC (Capped-Profit) Handles commercial operations and model deployment. (Source: Operating Agreement Update, 2024)
Manager Entity: OpenAI GP, LLC Governs all for-profit activities under nonprofit oversight. (Source: Governance Filing, 2023)
Key Investors
Microsoft, >$13B since 2019, no voting control (Source: Microsoft SEC filings, 2023–2025)
SoftBank, co-lead of the March 2025 and March 2026 rounds (Source: Reuters, Mar 2025; Tracxn, Mar 2026)
a16z, D.E. Shaw, MGX, TPG, T. Rowe Price, major 2026 investors (Source: Tracxn / PitchBook, Mar 2026)
Thrive Capital, Coatue, Altimeter, major 2024–2025 investors (Source: VC funding disclosures, 2024–2025)
Elon Musk and OpenAI
Elon Musk and OpenAI
Musk co-founded OpenAI in 2015, serving as co-chair and donating $44M between 2016–2020. (Source: OpenAI Form 990 archive, 2020)
Conflict Timeline
2018: Musk proposes taking control to accelerate progress (Source: Reuters investigation, Feb 2024)
Proposal rejected by Altman and founders
Musk leaves the board in Feb 2018
Musk withdraws a planned major donation, creating funding shortfalls (Source: Altman public comments, 2023)
The relationship deteriorated further via lawsuits and public disputes. (Source: WSJ Legal Coverage, 2024–2025)
FAQ
Last updated:
How can I invest in OpenAI pre-IPO through IPO CLUB?
OpenAI access on IPO CLUB is typically offered to accredited investors via curated secondary allocations, including the America 2030 Fund and Single-Name SPVs.
- You need to qualify as an accredited investor to participate.
- Availability depends on secondary supply and seller willingness.
- Access is provided through the America 2030 Fund or Single-Name SPVs.
Do you currently have access to OpenAI shares?
OpenAI availability on IPO CLUB can change and is generally limited to Single-Name SPVs.
- To check if OpenAI is currently on offer, register or log in to the IPO CLUB membership area and open Live Deals.
- Secondary allocations may open or close depending on seller participation.
- Access is provided through the America 2030 Fund or Single-Name SPVs.
Is OpenAI publicly traded, and does it have a stock ticker?
OpenAI is private and does not have a public stock ticker, so IPO CLUB access (for accredited investors) is typically via curated secondary allocations like the America 2030 Fund and Single-Name SPVs.
- OpenAI confidentially filed a draft S-1 with the SEC on June 8, 2026, but remains private with no public-market quote or ticker.
- Transactions, if available, are generally secondary and may be illiquid.
- Access is provided through the America 2030 Fund or Single-Name SPVs.
When is the OpenAI IPO?
OpenAI has filed a confidential draft S-1 (June 8, 2026) but has no confirmed IPO date, so IPO CLUB access for accredited investors is generally focused on curated secondary allocations through the America 2030 Fund and Single-Name SPVs.
- Management has signaled the process may take a while, and no IPO date is guaranteed or required for a secondary allocation.
- Timing can depend on market conditions and company decisions.
- Access is provided through the America 2030 Fund or Single-Name SPVs.
What security types are typically used for OpenAI transactions on IPO CLUB?
OpenAI exposure on IPO CLUB is typically provided to accredited investors through structured vehicles such as the America 2030 Fund and Single-Name SPVs used for curated secondary allocations.
- Single-Name SPVs are commonly used to pool investor participation.
- Member exposure is to an interest in the relevant vehicle, not necessarily direct shares.
- Final structure can vary by allocation and seller terms.
What are the risks of buying OpenAI pre-IPO shares?
OpenAI pre-IPO investing can be illiquid and high-risk, and IPO CLUB access is limited to accredited investors via curated secondary allocations through the America 2030 Fund and Single-Name SPVs.
- Liquidity risk: you may not be able to sell quickly or at a desired price.
- Execution risk: transfers can be delayed or blocked by restrictions.
- Timing risk: there may be no IPO or liquidity event on a predictable schedule.
Why might an OpenAI allocation not be confirmed?
OpenAI allocations can fail to confirm due to limited secondary supply, transfer restrictions, or changing seller terms.
- Supply can be oversubscribed or withdrawn by sellers.
- Transfer approvals or documentation issues can prevent closing.
- Allocation sizing can change based on final secondary availability.
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Sources (Consolidated List)
Financials & Valuation
PitchBook — OpenAI Private Valuation (Oct 2024)
Reuters — $40B Round at $300B Valuation (Mar 2025)
Bloomberg — $500B Updated Valuation (Aug 2025)
Internal OpenAI Revenue & Cost Forecasts (2024–2025)
FT — SoftBank Commitment Breakdown (Mar 2025)
Company Information
OpenAI Founding Announcement (Dec 2015)
OpenAI Governance Charter (2023)
OpenAI Form 990s (2016–2020 archives)
Company Press Releases (2023–2025)
Product & Technical
ChatGPT Technical Report (Nov 2023)
API Release Notes (2024–2025)
LLM Usage Reports (2025)
Contracts & Investors
Microsoft SEC filings (2023–2025)
VC investor disclosures (2024–2025)
Media & Investigations
CNBC — Sam Altman Interviews (2023–2025)
Reuters — Governance & Funding Investigations (2024–2025)
WSJ — OpenAI Legal Coverage (2024–2025)
Internal
IPO CLUB / America 2030 — Allocation Framework (May 2025)
Other Sources:
https://www.sec.gov/edgar/search/
October Update on Live Investments, Covering the Previous 90 Days