On April 8, OpenAI CFO Sarah Friar told CNBC in an interview that the company will reserve a portion of IPO shares for retail investors.
This is perhaps the closest official indication yet that OpenAI is moving toward a public listing this year.
OpenAI's Current Financial Picture
Here are the key numbers:
| Metric | Figure |
|---|---|
| Latest funding round | $22 billion (largest single round ever) |
| Post-money valuation | $52 billion |
| Monthly revenue | $0 |
| Full-year 2025 revenue | $3.1 billion |
| 2030 revenue target | $80 billion |
| IPO target valuation | ~$1 trillion |
| Planned timing | Q4 2026 |
With zero monthly revenue and a current valuation implying a price-to-sales ratio of roughly 35x, the market's AI premium becomes clear when compared to peers like Salesforce or Adobe.
Three Giants Going Public Together
The second half of 2026 is set to be the most concentrated period of AI company IPOs in history.
- SpaceX: IPO roadshow could begin as early as June
- Anthropic: Plans to list in October
- OpenAI: Q4, exact timing still under internal debate
Combined, the three companies are conservatively valued at around $2 trillion. With that much capital hitting public markets, where will the money come from?
Some analysts worry that three simultaneous offerings could dilute demand. Retail investor enthusiasm, sovereign wealth funds, and institutional capacity are all finite. The company that tells the best story and picks the best timing will have the edge.
What Retail Investors Can Buy
OpenAI's CFO said some shares will be reserved for retail investors, but did not specify how many.
For reference, during Snowflake's IPO, roughly half the shares went to institutions. Retail investors typically access shares through market orders at the open, often at a premium to the IPO price.
To get shares at the IPO price, retail investors would need a direct allocation mechanism similar to Robinhood's IPO Access product.
Internal Alignment Not Yet Complete
Friar's statement was direct, but reports indicate the CEO and CFO disagree on the timing. The CEO reportedly favors waiting—possibly until after Spud (GPT-5.5) launches, which would provide a stronger narrative—while the CFO prefers to move sooner.
Spud (GPT-5.5) pre-training was completed on March 24 and is currently in safety evaluation. Prediction markets give it a 78% probability of launching by the end of April. If Spud goes live before the IPO, OpenAI's story will be stronger.
This window of choice will directly affect the IPO pricing and first-day performance.
Sources: OpenAI will allocate IPO shares to retail investors as it preps for debut, CFO says (CNBC); OpenAI closes record-breaking 22 billion funding round as anticipation builds for IPO (CNBC); SpaceX, OpenAI, CocoLoop, and Anthropic could reopen the IPO market—or drain it (Fortune/Crunchbase)