OpenAI’s private post-money valuation in March 2026 was about $852 billion, and it has confidentially submitted an S-1. But CEO Sam Altman said in September 2026 that it will not list in 2026. This article explains how the valuation works, how revenue methods differ, and why the IPO keeps being “not yet.”
This is company analysis, not a buy or sell call on any stock. For the full company picture, start with What kind of company is OpenAI. OpenAI hasn’t gone public and has no audited public financials, so below I flag which numbers are official and which come from media reports.
The funding rounds OpenAI has been through
The three most recent rounds all have official announcements:
| Date | Amount | Post-money valuation |
|---|---|---|
| October 2024 | About $6.6 billion | About $157 billion |
| March 2025 | About $40 billion | About $300 billion |
| March 2026 | About $122 billion in committed capital | About $852 billion |
In one year, the post-money valuation jumped from about $300 billion to more than $800 billion. These are all private valuations: the price investors agreed to in private funding rounds, not a public trading price. As of October 2026, rival Anthropic’s Series H post-money valuation of about $965 billion is higher than OpenAI’s; for the full breakdown, see Anthropic’s valuation approaches a trillion dollars.
ARR is not the same as actual revenue
Keep two measures apart:
- ARR (annualized revenue): recent revenue pace converted into a full year. According to Axios in October 2026, OpenAI’s ARR on its own method was about $50 billion at the end of September 2026.
- Actual revenue: revenue truly recognized over a period. Only financial statements count.
Different methods give different numbers. The “nearly $70 billion” figure that circulated in late September 2026 came from investors applying Anthropic’s method: Anthropic counts the full revenue of sales made through cloud partners, while OpenAI records only its own share. The same company moves by about $20 billion depending on the method, so the two companies’ ARR can’t be compared directly.
ARR shows momentum, not a full-year result. Watching the order of magnitude and the trend is more useful than chasing a precise figure.
High valuation, but still burning cash heavily
According to The Wall Street Journal, figures OpenAI gave investors show second-quarter 2026 revenue of $6.7 billion and an operating loss of $12.3 billion (including stock-based compensation). The loss was larger than revenue. These figures are unaudited.
OpenAI is spending heavily on compute. The valuation reflects investors’ bet on the future, not current profitability.
IPO: S-1 submitted, CEO says not in 2026
On June 8, 2026, OpenAI confirmed that it had confidentially submitted a draft S-1 to the SEC. A confidential submission means the documents are in, but financial details don’t have to be public yet, and there is still a process before any listing. Rival Anthropic submitted its own S-1 a week earlier (June 1); see The Anthropic IPO Explained.
Since the submission, the timeline has kept slipping:
- May 2026: Reuters reported a listing could come as soon as September.
- June 2026: Bloomberg reported the company was considering a 2027 listing, targeting a valuation above $1 trillion.
- September 2026: Altman told Fortune it “won’t be 2026” and did not commit to 2027 either.
Pre-IPO preparation is visible too. According to media reports, in August 2026 the company completed an employee share sale of about $7 billion at the same valuation, letting employees cash out before an IPO. Nubank CEO David Vélez and BNY CEO Robin Vince joined the board, and Vince joined the audit committee.
As of October 2026, there is still no public S-1 and no official listing date. A submission buys optionality, not a timetable.
An often-overlooked player: the nonprofit foundation
The operating company is a public benefit corporation (PBC), and the nonprofit OpenAI Foundation controls its board. Part of the valuation belongs to the nonprofit parent. See the governance section of What kind of company is OpenAI.
Penchan’s summary
OpenAI has not gone public, so retail investors can’t buy its stock. Online “ways in” are mostly indirect holdings or derivatives; judge the risks yourself.
If it lists later, readers outside the US usually buy US stocks through an international broker. For brokers that may offer the stock once trading starts, see the IBKR account-opening guide and the Firstrade guide; to choose between them, see IBKR vs. Firstrade. This explains access routes; it is not a recommendation.
Valuation, ARR, and IPO timing are practice in understanding a company, not trading signals.