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PRE-IPO · Foundation Models

OpenAIThe Most Watched Pre-IPO in the World

ChatGPT made AI a household word. When the S-1 lands, this is the book every desk on the street will be trying to get into.

Ticker
$OPENAI
Latest price
$260 (secondary)
Valuation
$500B
YTD return
+94%
Window
H1 2027 (rumoured)
Backers
Microsoft, Thrive, Sequoia

Figures as of August 2026. Source: Forge Global secondary marks, Yahoo Finance and public reporting. Pre-IPO prices, valuations and listing dates are unconfirmed estimates from secondary-market and press reporting, not company-confirmed figures. They can change at any time.

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// INVESTMENT THESIS

Why OpenAI matters

Point 1

ChatGPT has become the default consumer AI product with hundreds of millions of weekly users.

Point 2

API + Enterprise revenue scaling faster than any SaaS in history.

Point 3

Microsoft partnership extends distribution across Office and Azure accounts.

The bull case

OpenAI is the AI Google — the query layer for the next decade of computing.

The risk

Governance, safety incidents and Microsoft dependency remain material.

// NEXT STEPS

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