OpenAI IPO: the confidential S-1 and the 2027 question
Data as of Oct 19, 2026 · prices Oct 21, 2026 00:42 UTC
Confidentially filed
OpenAI announced on June 8, 2026 that it had submitted a confidential draft S-1 and that timing was undecided. Reuters, citing the New York Times, reported on June 25, 2026 that it was leaning toward waiting until 2027, and that its CFO had told associates the company was aiming for a 2027 listing.
Key dates
- Jun 8, 2026 confirmed Confidential draft S-1 submitted (announced under Rule 135) OpenAI
- Jun 8, 2026 reported Reuters: targeting up to $1T valuation; listing could come as early as September (reported) Reuters
- Jun 25, 2026 reported Leaning toward waiting until 2027 (reported) Reuters / NYT
- 2027 reported Target listing year (reported) Reuters / NYT
Valuation
$852B post-money (Latest round (per CNBC)) CNBC
Funds that hold OpenAI
- DXYZ (Destiny Tech100): 2.6% as of Jun 30, 2026; price $28.55, premium/discount vs last NAV -16.8% source
- VCX (Fundrise Innovation Fund): 10–20% as of Jun 30, 2026; price $23.96, premium/discount vs last NAV +10.4% source
- RVI (Robinhood Ventures Fund I): $75M as of Jun 30, 2026; price $24.07, premium/discount vs last NAV -3.8% source
- ARKVX (ARK Venture Fund): 5.41% as of Sep 30, 2026; price $60.62, trades at NAV source
FAQ
When is the OpenAI IPO?
Not set. OpenAI announced a confidential draft S-1 on June 8, 2026 and said it had not decided on timing. Reuters, citing the New York Times, reported on June 25, 2026 that it was leaning toward a 2027 listing (reported, not confirmed).
Has OpenAI filed for an IPO?
Confidentially, yes. No public S-1 appears on EDGAR as of our last check.
What is OpenAI's valuation?
$852B post-money per CNBC (latest round). Reuters reported the IPO could target up to $1T (reported).
How can Canadians get OpenAI exposure now?
Through listed funds reporting OpenAI holdings, such as RVI, VCX and DXYZ, if your Canadian broker offers them. ARK Venture Fund (ARKVX) also holds OpenAI but is not exchange-listed.
AI Float Weekly
One email a week: new AI IPO filings, pricing dates, lock-up expiries and premium/discount moves on DXYZ, VCX and RVI. Written for Canadian investors.
Free. Opens the AI Float Weekly signup.