OpenAI’s private share price rises as IPO talk grows

In short: OpenAI is still private, but its shares are rising in secondary markets as IPO expectations grow, even as reports question whether growth can keep up with costs.

What's going on

OpenAI, the company behind ChatGPT, has seen fast revenue growth over the past year. Much of that momentum is tied to tools based on its Codex system, which helps software developers write and edit computer code. Think of it like an autocomplete that can draft whole chunks of code, not just a few words.

OpenAI is not listed on a public stock exchange, so everyday investors cannot buy shares the usual way. But employees and early investors can sometimes sell shares on secondary markets, which are more like private reselling platforms. Prices shown on platforms such as Nasdaq Private Market have risen sharply, with reports citing an estimated price per share above $650 as of mid-2026.

That rise reflects expectations that OpenAI may eventually pursue an initial public offering, or IPO, which is when a private company starts selling shares to the public. Financial reporting often frames this as a race among major AI companies to reach the stock market first.

At the same time, recent reporting summarized in financial coverage says OpenAI missed internal targets for user growth and revenue. That news reportedly contributed to share price drops for some partners and suppliers tied to OpenAI’s expansion, including Oracle, SoftBank, and several chipmakers.

What to watch

A key question is whether OpenAI can keep growing fast enough to cover the ongoing cost of the massive computing power it needs (like renting huge fleets of very expensive computers). Investors will be watching for signs of steadier growth, and for any clearer timeline or plans for an IPO.

Source: NYTimes