OpenAI pushes for largest-ever IPO… company valuation up to $1 trillion

Reuters reported on the 29th (local time) that OpenAI is pursuing an initial public offering (IPO) targeting a company valuation of $1 trillion (about 1,428 trillion won). The amount to be raised through the IPO is mentioned as $60 billion, which would be the largest in global financial market history.

Reuters, citing multiple people familiar with the matter, reported that OpenAI is considering submitting IPO filing documents to the U.S. Securities and Exchange Commission (SEC) as early as the second half of next year. OpenAI is said to be seeking to raise at least $60 billion through the IPO. This would surpass the previous largest amounts raised through an IPO: Aramco in 2019 ($25.6 billion) and Alibaba in 2014 ($2.43 million).

OpenAI's company valuation has soared amid the AI boom. The valuation at the time of last year's funding led by SoftBank was estimated at $300 billion. That figure rose to $500 billion earlier this month when current and former employees sold shares to outside investors.

OpenAI denied via a spokesperson that "it is currently focused on going public," but the market believes that they have effectively completed preparatory work for an IPO. On the 28th, OpenAI converted its nonprofit arm 'OpenAI Foundation' into the owner of the public benefit corporation 'OpenAI Group PBC' through a reallocation of shares and corporate restructuring with its largest shareholder, Microsoft. Whereas OpenAI, which had previously been a nonprofit, was constrained in maximizing investor returns or raising capital, OpenAI Group PBC has become freer to raise funds and pursue business operations.

CEO Sam Altman said on the 28th, when asked about the possibility of an IPO, "Given OpenAI's future capital needs, it is reasonable to view listing as the most likely path."

Reporter Beomjin Jeon forward@hankyung.com