OPENAI CROSSED $25 BILLION IN REVENUE AND IS QUIETLY LINING UP AN IPO OpenAI hit $25 billion in annualized revenue in February and has not slowed down since. The company is now generating roughly $2 billion a month — a pace that has Wall Street paying very close attention. Goldman Sachs, JPMorgan, and Morgan Stanley are all reportedly in discussions about advising what could be the biggest tech IPO in years. CFO Sarah Friar has privately told associates the company is targeting a regulatory filing in the second half of 2026, with a listing potentially in 2027. A $1 trillion valuation target would make it the largest public offering in technology history, dwarfing anything that has come before it. There is a catch. OpenAI is not profitable. The company generated $13 billion in revenue last year and spent $22 billion to do it. Cash burn is projected to reach $57 billion by 2027. OpenAI does not expect to break even until 2030. The whole bet is that whoever controls the dominant AI platform wins everything — enterprise contracts, government deals, developer mindshare — and the losses today become the moat of tomorrow. Whether public markets will buy that story depends entirely on whether AI’s growth curve holds. Given the company just raised $122 billion at an $852 billion valuation, someone clearly believes it will. Keywords: OpenAI IPO 2026, OpenAI revenue 25 billion, OpenAI valuation, AI company IPO