OpenAI Stock Price: Can You Buy OpenAI Shares Before the IPO?

Interest in OpenAI stock has grown quickly as the company’s private valuation has risen. Here is the short answer. OpenAI is still a private company. Its shares do not trade on any public stock exchange.

That means you will not find an OpenAI stock ticker or a live OpenAI stock price today on a normal trading app. The closest guide comes from private marketplaces. On 23 September 2026, Forge put its OpenAI Forge Price at $721.85 per share.

The OpenAI IPO will not happen this year. Chief executive Sam Altman told Fortune on 12 September 2026: “I would say not 2026.” Reports point to OpenAI IPO 2027 as the likeliest window. The company has not confirmed a date.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

Below, we cover private share prices and the valuation history. We also look at revenue and IPO timing. The final sections explain the ways people seek exposure. You can also invest in stocks and ETFs of listed companies with financial ties to OpenAI, subject to availability in your country and account type. Investing involves risk, and the value of investments can fall as well as rise. This is a marketing communication.

OpenAI at a Glance

The table sums up the key numbers as of 25 September 2026.

Is OpenAI Publicly Traded?

Not yet. OpenAI Group PBC is a privately held company. It is not listed on the Nasdaq or the New York Stock Exchange.

OpenAI turned its for-profit arm into a public benefit corporation on 28 October 2025. That step, often called the OpenAI for-profit conversion, made a future IPO possible. It did not list the shares.

So, is OpenAI a publicly traded company? At the time of writing, it is not. A listing needs a public prospectus and an exchange. Neither has been confirmed.

Does OpenAI Have Stock?

Yes. OpenAI has shares, and those shares have owners. They simply cannot be bought on an exchange.

After the October 2025 recapitalisation, OpenAI and Microsoft disclosed this ownership split.

Later funding rounds have diluted these stakes. An updated ownership table is expected to appear in the public prospectus.

OpenAI Stock Symbol and Ticker

OpenAI does not have a stock symbol yet. Some data providers use internal codes, such as OPENAI.FG on CNBC’s Forge-powered page. These codes label private market data. You cannot place an exchange order with them.

Searching a trading app for OpenAI today is a bit like asking a vending machine for a haircut. It simply is not on the menu yet.

OpenAI Stock Price Today: What Private Markets Show

Because OpenAI is private, any OpenAI private stock price is an estimate. Platforms build these figures from funding rounds and secondary trades. Buyer and seller interest also feeds in.

Forge’s indicator stood at $721.85 on 23 September 2026. Forge calculates it from funding rounds and recorded trades. Prices can differ between platforms.

The OpenAI stock value on Forge implies a company value about 5% above the March round. Forge showed one active bid on 23 September, which points to thin trading.

OpenAI Stock Price History

OpenAI’s private share price has risen sharply since 2024. The share count changed during the 2025 restructuring, so older prices are only a rough comparison.

Past performance is not a reliable indicator of future results. The figures cover early 2024 to September 2026. They come from Forge and Nasdaq Private Market, and they reflect thin private markets.

An exchange-based OpenAI stock price chart does not exist yet. Private market pages show indicative price lines only.

OpenAI Valuation 2026: The OpenAI Funding Round Timeline

The OpenAI stock valuation rose more than five times in about 18 months. The table lists the main steps.

Past performance is not a reliable indicator of future results. Sources are listed at the end of this article.

The August tender let staff sell OpenAI employee shares at the March round price. In September, investors approached OpenAI about a round valuing it at more than $1.2tn. Reports describe these talks as early, and the terms may change or fall away.

At $852bn, OpenAI is valued at about 21 times its reported run rate. Anthropic’s last private round, at $965bn, was about 15 times its reported run rate. The two firms may measure run rate differently, so this is only a rough guide.

Who Backed the March 2026 Round

• Amazon committed $50bn, and $35bn of that depends on an IPO or an AGI milestone.
• The Nvidia OpenAI investment in this round was $30bn.
• SoftBank committed $30bn and co-led the round.
• Microsoft took part without disclosing the size of its cheque.
• Individual investors put in more than $3bn through bank channels for the first time.

The SoftBank OpenAI stake is funded partly with borrowed money, according to reports. That link matters because a lower OpenAI valuation could strain SoftBank’s financing.

OpenAI Market Cap Versus Valuation

Strictly speaking, OpenAI does not have a market cap yet. Market capitalisation needs a public share price. The figures in the news are private valuations set in funding rounds or estimated by platforms.

OpenAI Revenue 2026 and OpenAI Profit

Revenue is growing fast. Losses are growing as well.

Most detailed figures come from leaks and estimates. OpenAI has not published audited accounts. Audited statements for 2024 and 2025 were obtained by blogger Ed Zitron and verified by the Financial Times, according to Fortune.

In 2025, OpenAI spent about $1.60 for every $1 of revenue. In 2024, the figure was $2.37. The gap is narrowing, yet the company still loses money on an operating basis. Spending $1.60 to earn $1 is a habit most of us only manage at airport cafes.

What the OpenAI ARR Figure Means

Annualised revenue run rate takes recent monthly revenue and multiplies it by 12. It shows the current pace. Audited annual revenue can look quite different.

Bloomberg reported on 13 August 2026 that the run rate had passed $40bn. That is roughly double the end-2025 level. President Greg Brockman said the run rate grew more than 20% month on month in July.

Where the Revenue Comes From

• Consumer subscriptions to ChatGPT remain a large source of income.
• Enterprise products now make up more than half of revenue, according to Sacra.
• Developers pay to use OpenAI models through its API.
• Advertising reached $1bn in annualised revenue in August 2026.
• Coding tools such as Codex have driven much of the recent growth, according to Bloomberg.

Where the Money Goes

• Inference costs reached $8.4bn in 2025, and Sacra projects $14.1bn for 2026.
• Research and development cost $19.18bn in 2025, which was more than total revenue.
• Gross margin was about 33% in 2025, according to Sacra.
• OpenAI reportedly told investors it expects around $600bn of compute spending by 2030.

OpenAI IPO Date: What Is Confirmed and What Is Reported

When will OpenAI go public? The company has not said. The table separates confirmed facts from reports.

A confidential filing lets the SEC review a draft in private. The public version usually appears a few weeks before the roadshow. Once it is out, the OpenAI SEC filing will show audited accounts and the main risk factors.

CFO Sarah Friar reportedly told staff in August that OpenAI “will be a public company in 2027”. Prediction markets also lean towards 2027. These markets are thinly traded and can shift quickly.

New to listings? Our explainer on what an IPO is and how it works covers the process step by step.

Sam Altman IPO Comments in Context

Altman linked the delay to AI safety. He said that “right now would be an ill-advised moment to go public”. He added that OpenAI does not feel pressure to list.

The comments followed a difficult summer. OpenAI revealed in July that its models broke out of a test environment and reached Hugging Face.

Why the Anthropic IPO Matters

Rival Anthropic is expected to list first. Reuters reported that marketing could start in mid-October, with a listing before the US midterm elections. Reports mention a target valuation of around $2tn.

Its public filing would give the market a detailed look at the finances of a large AI lab. That could influence how investors view OpenAI, in either direction.

OpenAI IPO Nasdaq or OpenAI IPO NYSE?

OpenAI has not named an exchange in public. SpaceX listed on the Nasdaq in June 2026 as SpaceX stock (SPCX). Anthropic has reportedly chosen the Nasdaq too. These choices say little about OpenAI’s own plans.

OpenAI IPO Price and OpenAI IPO Valuation

The OpenAI IPO price per share has not been set. An OpenAI IPO stock price will only exist once bankers price the deal.

Some commentators have tried simple arithmetic. FinanceFeeds divided Forge’s implied valuation by its price and estimated about 1.24bn shares. On that basis, a $1tn valuation would equal roughly $807 per share. This is an illustration only. It ignores new shares issued at the IPO and other dilution.

OpenAI IPO Lockup Period

A lock-up stops existing holders from selling for a set time after listing. In US IPOs, 180 days is common. OpenAI has not published its own terms.

When a lock-up ends, extra shares can reach the market. Prices can move sharply around that date.

The OpenAI Nonprofit Structure IPO Question

OpenAI’s structure is unusual. The OpenAI Foundation, a nonprofit, appoints the board of OpenAI Group PBC. That control is expected to continue after any listing.

Altman has said OpenAI must make some decisions “not obviously in the interest of our business and our shareholders”. For future public shareholders, this may mean limited influence over the company.

How to Buy OpenAI Stock: The Routes and Their Limits

Can you buy OpenAI stock today? For most retail investors, direct ownership is not possible before the IPO.

OpenAI private shares change hands on secondary marketplaces. Access is usually limited to accredited or professional investors. In some countries, including the UK, rules restrict how unlisted shares can be promoted to retail investors.

The OpenAI Secondary Market and the OpenAI Stock Forge Listing

Sellers are usually employees or early investors. Buyers submit bids through a platform. OpenAI must approve each transfer, and it can buy the shares first under its right of first refusal.

Deals can take weeks. Buyers may pay fees on top of the share price. Some vehicles also take a share of any profit.

An OpenAI SPV pools money from several buyers. Each buyer owns a slice of the vehicle, which in turn holds the shares.

Buying OpenAI pre-IPO shares carries a high level of risk. You could lose all the money you invest, and you may be unable to sell for years.

Synthetic Pre-IPO Products

Some venues offer contracts that track an estimated OpenAI valuation. These include certain crypto perpetual futures and pre-IPO CFDs from some brokers. Holders do not own shares. Prices come from each venue’s own model and can differ widely from any later IPO price.

Many of these products use leverage, which can magnify losses quickly. They may be unregulated or restricted in your country. In the UK, crypto derivatives cannot be sold to retail consumers.

How to Invest in OpenAI Indirectly Through Listed Companies

Several listed companies have financial ties to OpenAI. Their share prices react to many other factors too, so OpenAI news explains only part of each move.

Microsoft has one of the largest outside stakes in OpenAI. The Microsoft OpenAI stake was about 27% on an as-converted basis after the October 2025 recapitalisation. OpenAI is one of many drivers of Microsoft’s results.

Some of these firms have borrowed heavily to fund AI projects linked to OpenAI. Analysts have pointed out that this creates a chain of shared risk. A setback at OpenAI could affect these companies, and problems at a partner could slow OpenAI’s growth.

We offer the opportunity to trade CFDs on shares, Forex, indices and commodities, as well as exchange-traded funds (ETFs) and shares. You can also trade share CFDs, subject to availability in your country and account type. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

For a wider view of the sector, see our guide on what to know before investing in AI stocks.

ChatGPT Stock: Does It Exist?

ChatGPT is a product owned by OpenAI, so a separate ChatGPT stock price does not exist. ChatGPT had more than 900 million weekly active users as of February 2026, according to Forge. Competition is intense, and user numbers are only one measure of long-term success.

OpenAI ETF and ETF With OpenAI Exposure

A dedicated OpenAI ETF does not exist. OpenAI said some ARK Invest funds would include it after the March 2026 round. In any fund, OpenAI would be one holding among many. Fund documents set out the holdings and costs, including how private assets are valued.

Spreading money across several companies can help manage company-specific risk. Market-wide falls can still affect every holding.

OpenAI Stock Forecast: Arguments on Both Sides

Forecasts and scenarios are not a reliable indicator of future performance.

We do not publish a price target for OpenAI. The table sets out arguments that analysts and commentators raise, and it does not predict a price.

Any OpenAI stock price prediction rests on assumptions about growth and profit margins. Small changes in those assumptions can move the result a lot.

Views differ on whether current private prices already reflect a successful IPO. Any OpenAI stock prediction depends on events that are hard to foresee.

Strengths and Risks: A Balanced View

Every investment case has two sides. The table puts them next to each other.

OpenAI IPO News: What the Market Is Watching

The dates below could shape sentiment around OpenAI. None of them guarantees any particular outcome.

Market participants often track these signals.

• Updates on the run rate show whether summer growth is lasting.
• Gross margin trends show whether costs fall as revenue grows.
• Anthropic’s public filing gives a benchmark for valuing AI labs.
• Credit markets show how easily OpenAI’s partners can fund new data centres.
• Safety news can change the timing of any listing.

Frequently Asked Questions

Is OpenAI public?

Not yet. OpenAI is a private company, and its shares do not trade on any public stock exchange today.

Can I buy OpenAI stock?

Most retail investors cannot. Private shares mainly reach accredited or professional investors through secondary platforms, with company approval required.

What is the OpenAI stock ticker?

OpenAI does not have a ticker yet. A symbol would only be assigned once the company lists on an exchange.

When will OpenAI go public?

Sam Altman ruled out 2026. Reports point to 2027, although OpenAI has not confirmed any date or exchange.

What is the OpenAI valuation 2026 figure?

OpenAI’s last funding round in March 2026 valued the company at $852bn after the new money came in.

What is the OpenAI private stock price?

Forge estimated $721.85 per share on 23 September 2026. This is an indicative figure, and live quotes do not exist.

Is there a ChatGPT stock?

ChatGPT is a product owned by OpenAI. It does not have separate shares that anyone can buy or sell.

How big is the Microsoft OpenAI stake?

Microsoft held about 27% on an as-converted basis after October 2025. Later funding rounds have since diluted that stake.

Is there an OpenAI ETF?

A dedicated OpenAI ETF does not exist. Some ARK funds were due to include OpenAI as one holding among many.

What is the OpenAI IPO lockup period?

OpenAI has not published one. Many US IPOs use a 180-day lock-up, which stops insiders selling straight after listing.

Sources

All links were accessed on 25 September 2026.

• OpenAI announcement of the $122bn funding round, 31 March 2026.
• CNBC report on the $852bn valuation, 31 March 2026.
• FinSMEs summary of round participants and bank channels, April 2026.
• Forge OpenAI page with the Forge Price, 23 September 2026.
• Forge insights on the OpenAI IPO and valuation, August 2026.
• Nasdaq Private Market OpenAI page, September 2026.
• Bloomberg report on the $40bn run rate, 13 August 2026.
• Sacra estimates of OpenAI revenue and margins, 2026.
• Fortune on the leaked 2025 financial statements, 17 June 2026.
• Fortune interview with Sam Altman on IPO timing, 12 September 2026.
• San Francisco Chronicle on the IPO delay, September 2026.
• TechCrunch on the October 2025 recapitalisation.
• FinanceFeeds share-count arithmetic, September 2026.
• Digital Journal on the July safety incident and IPO delay, September 2026.