Story perspectives

OpenAI IPO Targets $1T Valuation as Nvidia Soars, SoftBank Profits

5/23/2026

Summary

OpenAI IPO

OpenAI is preparing an IPO filing with the SEC, handled by Goldman Sachs and Morgan Stanley, that could list as early as September with a $1 trillion valuation.
Nvidia reported quarterly revenue of $81.6 billion, an 85% year-over-year increase.
SoftBank reported net profit of ¥5 trillion and said its OpenAI investment rose by $45 billion.
TD Cowen analyst Krish Sankar raised the SoftBank ADR price target from $13 to $20 while maintaining a Hold rating.

Summary

OpenAI S-1

OpenAI’s S-1 filing will break down spending on compute infrastructure and salaries.
The prospectus will disclose cash burn from model training and talent acquisition, note if the burn rate is falling as revenues rise, and detail $6 billion Q1 revenue mix of ChatGPT subscriptions, API usage, and Codex.
The filing will list Sam Altman’s Y Combinator stake, Greg Brockman’s $30 billion holdings, and risks such as competition, lawsuits over psychological harms, and regulation.

History

Historical Context

Google’s August 19 2004 IPO on Nasdaq, managed by Goldman Sachs and Morgan Stanley, sold 19.6 million shares at $85 each, raising $1.67 billion and valuing the company at over $23 billion. That landmark tech float popularized Dutch-auction methods and sparked a wave of large tech IPOs, a backdrop for OpenAI’s current filing that seeks a similar market-making impact.

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OpenAI IPO

OpenAI is preparing an IPO filing with the SEC, handled by Goldman Sachs and Morgan Stanley, that could list as early as September with a $1 trillion valuation.
Nvidia reported quarterly revenue of $81.6 billion, an 85% year-over-year increase.
SoftBank reported net profit of ¥5 trillion and said its OpenAI investment rose by $45 billion.
TD Cowen analyst Krish Sankar raised the SoftBank ADR price target from $13 to $20 while maintaining a Hold rating.

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