OpenAI eyes $1.2 trillion valuation as IPO delayed to 2027

OpenAI, the leading AI research organization, is pursuing a $1.2 trillion valuation through new private funding talks, marking a significant jump from its $85.2 billion post-money valuation in March 2026. The company plans to delay its IPO until 2027, with CEO Sam Altman stating that $1 trillion is the minimum threshold for the offering. Microsoft, the largest single institutional shareholder, has invested over $13 billion, while NVIDIA has committed around $30 billion in computing capacity. Amazon and SoftBank have also made substantial investments tied to the IPO or AI milestones. OpenAI's revenue has surged, reaching approximately $25 billion by February 2026, with enterprise business contributing over 40% of revenue. However, operating losses have grown to around $12.3 billion in the second quarter of 2026, with full-year losses expected between $27 billion and $33 billion. Despite a rising gross profit margin to 39%, the company continues to reinvest heavily in research and infrastructure, maintaining a price-to-sales ratio of around 40 times. OpenAI maintains a dominant position in the AI market, with ChatGPT reaching 1 billion monthly active users by May 2026. However, its market share has dropped to 46%, with Anthropic surpassing it in enterprise API spending. The company has revised its product roadmap twice in six months, reflecting intense competition. Analysts debate whether OpenAI's losses are structural or cyclical, with its high cost base and fixed computing commitments posing long-term risks.