OpenAI is the creator of the infamous artificial intelligence (AI) product ChatGPT. The company's valuation has skyrocketed. Here's what you need to know about buying shares in OpenAI.
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OpenAI has attracted plenty of attention as a leading artificial intelligence (AI) company, driving innovation and shaping the future of the technology. Its products and services like ChatGPT have become household names, and you might be wondering if it’s possible to buy OpenAI stock.
OpenAI confidentially filed its S-1 registration statement with the SEC on June 8, 2026, targeting a public debut as early as September 2026. Here’s what you need to know about the IPO, OpenAI’s current private valuation and alternative ways to gain exposure to the company until shares begin trading.
How to buy OpenAI stock when it starts trading
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What is OpenAI?
OpenAI is a leading AI research and product company founded in 2015 as a non-profit by Sam Altman, Elon Musk and others. The organization has since restructured into a for-profit public benefit corporation and now operates as one of the world’s most valuable startups. Its mission is to ensure that AI serves as a force for good.
OpenAI’s signature products include the GPT (Generative Pre-trained Transformer) family of large language models and ChatGPT — the AI chatbot launched in November 2022 that became the fastest-growing consumer application in history. ChatGPT is used by more than 800 million people weekly for writing, research, coding and conversation, and OpenAI’s APIs power applications across customer service, education, software development and enterprise workflows.
What we know about the OpenAI IPO
OpenAI confidentially filed an S-1 registration statement with the US Securities and Exchange Commission on June 8, 2026 — the formal step that starts the IPO review process.(1) Goldman Sachs and Morgan Stanley are leading the deal as underwriters, with JPMorgan also participating.
The company is targeting a public listing as early as September 2026, with a Q4 2026 fallback if market conditions shift.(2) However, OpenAI itself has cautioned that a listing “may be a while,” and SEC review of confidential filings typically takes 60 to 90 days with multiple rounds of comments. Under SEC rules, OpenAI must publish a final prospectus at least 15 days before beginning a roadshow.
The IPO valuation target has been reported in a range of $730 billion to over $1 trillion, with most coverage citing $850 billion as the working midpoint.(3) If completed near those expectations, OpenAI’s IPO would be among the largest technology listings in US history.
OpenAI’s filing came just one week after rival Anthropic submitted its own confidential S-1 on June 1, 2026, at a $965 billion valuation. Both companies are racing to public markets in the same window.
What is OpenAI’s valuation?
OpenAI’s last disclosed private valuation is $852 billion post-money, set during a $122 billion funding round that closed in March 2026 — the largest private technology financing ever completed.(4) The round was led by SoftBank with major participation from Microsoft, Nvidia, Amazon and other investors.
The valuation has grown rapidly over the past three years, from $157 billion in late 2024 to a SoftBank-led round above $300 billion in 2025, to $500 billion in October 2025, to the current $852 billion mark. Whether the IPO will price above or below this private valuation depends on public market demand at the time of listing.
OpenAI revenue and financials
OpenAI is generating roughly $2 billion in revenue per month, with annualized revenue exceeding $25 billion as of mid-2026.(5) Enterprise customers now account for more than 40% of revenue, on track to reach parity with consumer revenue by the end of 2026.
However, OpenAI is not yet profitable. The company is projected to burn approximately $27 billion in cash in 2026 alone, and internal projections suggest it may not reach profitability until around 2030. The full audited financial picture won’t be available until OpenAI’s public S-1 prospectus is filed ahead of the roadshow.
When can you buy stock in OpenAI?
OpenAI is targeting a September 2026 public listing, though that timeline could slip into Q4 2026 or later. There is no fixed date yet, and the company has indicated the timing remains fluid pending SEC review and market conditions.
Once OpenAI completes its IPO, you’ll be able to buy and sell OpenAI stock through any standard US brokerage — no accreditation required. IPO shares are typically allocated to institutional investors during the roadshow; retail investors usually access them at or shortly after the first day of trading. OpenAI has indicated plans for a dedicated retail allocation as part of the offering structure.
Keep in mind that a 180-day lock-up period typically restricts insiders from selling their shares after the IPO. When large tranches of locked-up shares become eligible to sell, it can put downward pressure on the stock price.
Can I buy OpenAI stock before the IPO?
Pre-IPO retail access is limited. Accredited investors (those meeting SEC Rule 501 thresholds — generally $1 million net worth excluding primary residence, or $200,000 annual income) can sometimes access pre-IPO shares through secondary marketplaces such as Forge Global, EquityZen and Hiive, subject to share availability and platform eligibility. These transactions involve material liquidity risk, transfer restrictions and no guarantee of participating in any eventual IPO allocation.
Alternative ways to invest in OpenAI
Although you can’t directly buy OpenAI stock right now, there are several alternative ways to get indirect exposure to OpenAI and the broader AI sector:
Invest in Microsoft (MSFT). Microsoft is OpenAI’s largest external shareholder, holding approximately a 27% stake built through investments beginning in 2019. Microsoft also has model and Azure rights through 2032 and integrates OpenAI’s GPT models into products like Microsoft 365 Copilot, Azure OpenAI Service and GitHub Copilot.(6)
Invest in Nvidia (NVDA). Nvidia participated in OpenAI’s March 2026 funding round and has signaled it may invest up to $100 billion in OpenAI over time. Nvidia chips power most of OpenAI’s compute infrastructure, including the Stargate Project — a $400+ billion multi-year US AI infrastructure initiative announced in 2025.
AI-focused ETFs. Exchange-traded funds focused on AI and technology provide diversified exposure to companies leading the AI buildout. Popular options include funds invested in semiconductor companies, cloud computing providers and AI software developers.
Competitors and industry leaders. Investing in major tech firms with significant AI stakes can provide indirect exposure to the sector. These include Alphabet (GOOGL), Amazon (AMZN), Oracle (ORCL) and Meta Platforms (META) — all of which have significant AI investments and applications.
AI stocks similar to OpenAI
Until OpenAI lists publicly, these AI- and semiconductor-related stocks offer some of the closest exposure to the technology powering OpenAI’s models.
Supplies microcontrollers and embedded processors used in edge AI and IoT devices.
What is an IPO?
An initial public offering (IPO) is when a private company offers shares of its stock to the public for the first time, typically on a major exchange like the Nasdaq or NYSE. Going public allows a company to raise capital from a broader pool of investors, but it also subjects the company to SEC disclosure requirements and public market scrutiny.
Risks of investing in pre-IPO and newly public companies
OpenAI’s IPO will be among the most closely watched in history, but the risks are significant:
Profitability risk. OpenAI is loss-making and projected to burn $27 billion in 2026. The market’s willingness to pay a 30x+ revenue multiple depends entirely on faith in eventual profitability.
Concentration risk. Microsoft’s 27% stake represents significant pre-IPO dilution risk for new shareholders.
Competitive risk. Anthropic, Google DeepMind and other competitors are gaining ground. Anthropic projects its first profitable quarter in Q2 2026, while OpenAI remains loss-making.
Lock-up expiration. When 180-day insider lock-ups expire, selling pressure can weigh on the share price.
Volatility. Newly public stocks often experience significant volatility in the first months of trading.
Bottom line
You can’t buy OpenAI stock just yet, but the company has taken the formal first step toward going public with its confidential S-1 filing on June 8, 2026, targeting a September 2026 listing at a valuation as high as $1 trillion.
Until OpenAI begins trading on a public exchange, the most practical way to gain exposure is through publicly traded partners and AI-focused ETFs — particularly Microsoft and Nvidia, which together represent the largest external stakes in OpenAI’s business and infrastructure. Keep in mind that the AI sector carries significant volatility, and even well-positioned companies face uncertainty around long-term revenue, profitability and competition.
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Matt Miczulski is an investments editor and market analyst at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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