OpenAI, the artificial intelligence startup, is reportedly preparing for a massive initial public offering (IPO) and is considering reserving a portion of its shares for retail investors, not just large institutional players. This was revealed by Chief Financial Officer Sarah Friar in an interview with CNBC.
Friar said that OpenAI recently tested investor interest during a funding round and received strong demand from individual retail investors. As a result, the company is now exploring the possibility of allocating a portion of IPO shares to everyday investors when it goes public.
She also drew comparisons with SpaceX, which is expected to launch its IPO around June 2026 and may reserve nearly 30% of its shares for retail participants. “Everybody wants to own part of a rocket company — I hope everyone wants to own part of ChatGPT. It helps when you’re a consumer brand,” Friar said.
OpenAI recently completed a $122 billion funding round, rising significantly from $110 billion in February, pushing its valuation to around $852 billion, making it one of Silicon Valley’s most valuable companies.
However, Friar also acknowledged concerns regarding the IPO timeline. CEO Sam Altman has indicated a potential 2026 listing, but questions remain about heavy infrastructure spending and whether the company is fully IPO-ready. OpenAI is expected to invest over $600 billion in cloud infrastructure over the next five years, along with an additional $200 billion before achieving positive cash flow.
She further noted that going public could help OpenAI raise large-scale capital through instruments like convertible debt and investment-grade loans, enabling it to expand its computing infrastructure and long-term growth plans. Despite slowing revenue growth, the IPO move is seen as a major step in strengthening the company’s financial future.
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