2026 is shaping up to be an extraordinary year for capital markets.
On May 20, SpaceX officially filed its IPO registration statement with the U.S. Securities and Exchange Commission (SEC). Just one day later, news broke that OpenAI is also preparing to confidentially submit a draft prospectus, aiming to go public as early as September this year. Two trillion-dollar IPOs are kicking off almost simultaneously. For OpenAI—a company that has stood at the forefront of the global AI wave since the launch of ChatGPT—whether its IPO will go through, and what kind of investment window it might offer, are questions investors are watching closely.
Will OpenAI Go Public This Year? The Latest Developments
Rumors about OpenAI going public have surfaced almost every few months over the past two years. This time, however, the situation is clearly different.
According to reports from The Wall Street Journal and other major outlets, OpenAI has begun working with top investment banks such as Goldman Sachs and Morgan Stanley to draft its IPO prospectus, with plans to confidentially submit to the SEC as early as May 22, 2026. The targeted listing window is September 2026, with a potential valuation exceeding $1 trillion and a fundraising goal of around $60 billion—an amount that would surpass Saudi Aramco’s $25.6 billion IPO record set in 2019.
However, even after submitting the IPO application, the actual listing date for OpenAI remains uncertain. CEO Sam Altman is reportedly eager to "jump the gun" and list in September to capture the AI sector’s capital market momentum. In contrast, CFO Sarah Friar favors a more cautious approach, arguing the company needs more time to optimize its financial structure. Additionally, OpenAI’s founder and CEO, Altman, does not directly hold any company shares—a "zero-equity CEO" structure that will be a key risk disclosure in the IPO prospectus.
As of now, OpenAI has not issued any official IPO announcements, and all information remains at the "preparation for filing" stage. However, with investment banks already drafting the prospectus, this round of IPO rumors is far more credible than previous ones. The market generally believes September is the most likely window for OpenAI’s IPO, but whether it will proceed on schedule still depends on official SEC filings.
Trillion-Dollar Valuation: OpenAI’s Strengths and Challenges
Data: High Growth Still Supported
On March 31, 2026, OpenAI officially announced it had secured $122 billion in committed investments, pushing its post-money valuation to $852 billion. This funding round included strategic partners like Amazon, NVIDIA, and SoftBank, with Microsoft continuing to invest. Backing this lofty valuation are some staggering business metrics: as of the end of February 2026, ChatGPT had surpassed 900 million weekly active users and over 50 million paying subscribers; monthly revenue reached $2 billion, with annualized revenue topping $25 billion.
From a global industry perspective, OpenAI’s IPO push coincides with a historic expansion phase for AI. According to Gartner’s latest forecast released on May 19, 2026, global AI spending is expected to reach $2.59 trillion in 2026, a 47% year-over-year increase. Short-term growth in AI model spending has been revised upward to 110%. In this rapidly growing sector, OpenAI still held a 61.7% share of global large language model traffic as of February 2026.
Risks: High Losses and Fierce Competition
Behind these impressive numbers, OpenAI faces serious challenges.
In Q1 2026, OpenAI generated about $5.7 billion in revenue, but even after excluding stock-based compensation and other items, its profit margin stood at -122%, leaving the company deep in the red. For the full year 2026, OpenAI is expected to burn through $25 billion in cash, spending roughly $1.60 to $2.25 for every $1 earned. Profitability may not be achieved until 2029 at the earliest.
The competitive landscape is also intense. According to a Ramp fintech platform AI index report, 34.4% of surveyed enterprise clients in April 2026 were paying for Anthropic’s AI products, surpassing OpenAI’s 32.3% for the first time. Anthropic is also racing to go public, with its private market valuation nearing $1 trillion. Meanwhile, although Elon Musk’s lawsuit against OpenAI was dismissed, he has stated he will appeal, and the company’s nonprofit governance structure will face close regulatory scrutiny during the IPO review.
As IPOs Approach, AI Giants Race to Go Public
OpenAI isn’t the only AI giant eyeing a 2026 IPO. SpaceX has already filed its registration statement and plans to list on Nasdaq in June 2026, targeting a $1.75 trillion valuation. Anthropic has also engaged a legal team to advance its IPO process, with an estimated valuation of $380 billion. These three super-unicorns may all go public in the same window in 2026, setting off a fierce capital race in the AI sector.
Gate Pre-IPOs: Unlocking Early Access to Unicorn Investments
Traditionally, pre-IPO investing has been the exclusive domain of top venture capital firms, hedge funds, and ultra-high-net-worth individuals. Entry thresholds often run into the millions of dollars and require accredited investor status, keeping ordinary retail investors firmly on the sidelines.
In April 2026, cryptocurrency exchange Gate launched a digital Pre-IPOs participation mechanism, opening this once-institutional early investment channel to over 52 million users worldwide. So far, the platform has successfully listed projects like SpaceX (SPCX) and is actively preparing Pre-IPO subscription opportunities for other super-unicorns like OpenAI.
How It Works: Tokenized Equity and PreToken
The core logic of Gate Pre-IPOs is to tokenize traditional pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded on the platform. Users don’t need to open overseas brokerage accounts or meet high net-worth requirements; holding stablecoins like USDT is enough to participate.
The platform has introduced a PreToken minting and settlement mechanism: users stake USDT to mint PreTokens representing future tokenized rights, which can be freely traded in the order book market. When the project goes public, the system automatically executes a 1:1 asset conversion, returning the staked USDT to users. This design fundamentally solves the traditional private market’s liquidity constraints and long lock-up periods, offering users a 24/7 liquid trading environment.
How to Participate: Three Steps to Early Investment
As of May 2026, joining Gate Pre-IPOs takes just three steps:
- Access the Platform: Visit the "Pre-IPOs" or "PreMarket" section on the Gate platform.
- Join the Waitlist: Receive subscription alerts via email, in-platform messages, and other channels when subscriptions open.
- Prepare Your Account: Complete KYC verification and ensure your account has sufficient USDT balance for subscription.
Once the subscription window opens, users can participate directly with as little as 100 USDT and no hefty fees.
Allocation Mechanism: Average Staking Amount
Unlike traditional platforms that use lotteries or fixed allocations, Gate uses an "hourly average staking amount" algorithm: the earlier you commit funds and the longer you stake, the higher your allocation weight. The system determines final allocation based on each user’s average staked amount as a proportion of the total average staked by all users during the subscription period. This time-weighted capital competition model encourages long-term participation and balances the interests of different investor types.
Exit Options: Pre-Market Trading and Flexible Choices
After asset allocation, users can enter a dedicated pre-market trading section, available 24/7, where prices are determined entirely by market supply and demand. Users may choose to sell in the pre-market or wait for the company’s official IPO to redeem their tokens. In the event of an acquisition or merger, settlement is based on the transaction outcome.
For example, with the first project, SpaceX’s SPCX, the subscription amount exceeded $353 million within 24 hours of launch, underscoring the market’s enthusiasm.
Risk Warning: Key Considerations for Gate Pre-IPOs
Before participating in Gate Pre-IPOs, investors should fully understand these key risks:
- Not Direct Equity: Pre-IPO tokens are typically mirror note products; users do not receive actual company shares, nor do they have equity rights, dividends, or voting power.
- Counterparty Risk: In the synthetic Pre-IPO exposure model, investors rely on the issuing platform’s solvency, redemption logic, and the maintenance of tracking between tokens and reference value.
- Liquidity Risk: Unlike publicly traded stocks, exit opportunities depend largely on internal market demand rather than external exchanges.
- IPO Uncertainty: The target company may delay, change, or cancel its IPO, which will affect the final settlement value of Pre-IPO assets.
Conclusion
OpenAI’s IPO is moving forward at an unprecedented pace. Based on current reports, the company is targeting a September 2026 listing with a $1 trillion valuation—currently the market’s core expectation. However, massive losses, fierce competition, a unique governance structure, and internal management disagreements add significant uncertainty to this trillion-dollar event. Whether the bell will ring on schedule ultimately depends on official SEC disclosures.
For retail investors hoping to gain exposure before OpenAI’s official listing, the Gate Pre-IPOs mechanism offers a low-barrier, accessible participation channel. Through tokenized equity, PreToken minting, and 24/7 pre-market trading, pre-IPO investment opportunities once reserved for top institutions are now available digitally to retail investors worldwide. Still, investors must recognize that Pre-IPO assets are not direct equity, and listing uncertainty and liquidity risks remain very real.
In 2026, capital markets are witnessing a historic shift as the AI industry moves from private valuations to public market pricing. The IPO race among SpaceX, OpenAI, and Anthropic will profoundly impact the pricing logic of global tech assets for years to come. For ordinary investors, the advent of Gate Pre-IPOs means you no longer need millions to take your place at the starting line of this capital feast.
