OpenAI · private, IPO expected 2027

What is OpenAI worth?

Move the sliders, read the needle, share your call.

Fact Key numbers from company statements and press reports

Last private value$852B$122B round closed Mar/Apr 2026
Revenue, 2025$13.1B2024: $3.7B
Run-rate~$50BOct 2026 (FT); target $70B by year end
Ads$1B run-rateAug 2026
Compute deals$1T+Oracle $300B, Azure $250B, AMD 6 GW, Nvidia, Broadcom
IPO2027confidential filing, Jun 2026

Assumption Starting cases are Stonkometer values, not forecasts. The needle reads your inputs. Not sure what to assume? Answer 9 quick questions.

Revenue by business line

Scenarios vs today

Defaults and conventions
  • Fact Revenue, cash, debt and share counts come from the filings or reports listed under Sources (data as of 2026-10-26).
  • Fact Currency: nominal US dollars. All four companies report in US$, so there is no FX conversion.
  • Assumption Inflation is not a separate input: growth rates and the risk-free rate are nominal, so they already include it.
  • Assumption Risk-free rate 5% (the 10-year US Treasury yield was 4.99% on 26 Oct 2026); risk premium 6%; required return 11% a year.
  • Assumption Tax 21% on profits (US federal rate); dilution 3% a year; 10-year horizon; magic revenue earns 30%.
  • Assumption Today's operating margins per business line (ChatGPT and API -30%, Advertising 0%) are Stonkometer estimates from the latest filings.
  • Assumption Bear, middle and bull values and bet sizes, margins and chances. The OpenAI 2030 plan is our reading of public targets.

Change any of them in Advanced mode. Full list on the method page.

Take the 1-minute investor profile and we'll start you on the case that fits you.

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Build your assumptions: 9 questions

Not sure what to put in the sliders? Answer in plain terms: prices, customers, and how much the big risks worry you. Each question starts with a Fact (or Our view for rough benchmarks); your answer is your Assumption. The answer choices are ours, and skipped questions use the middle one.

1. Paying users How many people will pay for ChatGPT in 2036?

Fact OpenAI said ChatGPT had about 800 million weekly users in October 2025. It does not publish a paying-user count.

2. Subscription price What will the average paying user spend a month?

Fact ChatGPT Plus costs $20 a month and Pro $200; cheaper plans exist in some countries.

3. Business customers Yearly revenue from businesses and developers (API, enterprise) in 2036?

Fact OpenAI does not split its revenue. Reported run-rate was "approaching $50B" in October 2026, about $20B below earlier investor figures (FT).

4. Advertising Yearly ad revenue inside ChatGPT in 2036?

Fact Ads passed a $1B run-rate in August 2026, about 200 days after launch. Meta, the biggest social-media advertiser, had about $165B of revenue in 2024.

5. Competition Anthropic, Google, xAI and open-source models compete hard. Long-run operating margin?

Fact OpenAI has signed over $1 trillion of reported compute deals (Oracle, Azure, AMD, Nvidia, Broadcom): fixed costs if demand slows.

6. Cash burn OpenAI burns cash and keeps raising money. How many new shares a year will that add?

Fact Earlier projections reported about $115B of cash burn through 2029. Each new round shrinks existing owners' slice.

7. Lawsuits and governance Copyright lawsuits, Elon Musk's lawsuit and a nonprofit foundation in control: how much risk does that add?

Fact The New York Times sued OpenAI and Microsoft over training data in 2023. A nonprofit foundation controls the company and Microsoft holds a large stake.

8. Devices and shopping Revenue from OpenAI devices and shopping inside ChatGPT in 2036, if they take off?

Fact OpenAI is building hardware with Jony Ive's team and lets users shop inside ChatGPT. No numbers disclosed.

9. Price in 2036 In 2036, what will investors pay for each $1 of OpenAI's yearly profit?

Our view The biggest tech companies have traded at roughly 25-35x profit in recent years.

0 of 9 answered

Moonshot explorer Our view

Markets that don't exist yet but could one day pay OpenAI. Each one is valued like an option: the chance it happens, times the profit if it does, discounted back to today. The market sizes, shares, chances and dates are our guesses: move them, and switch on the ones you believe in to add them to your model.

Replacing web search

ChatGPT taking a large part of the money now made from search ads.

Fact Google's search advertising brought in about $200 billion in 2024.

What would have to be true:

  • People moving from search to chat for most questions
  • Ads that work inside answers without losing trust
  • Google not keeping the lead

If it happens: OpenAI earns $75B a year from 2032, worth $415B then at 20x profit. Weighted by a 25% chance and discounted to today: $46B.

AI shopping agent

ChatGPT buying things for you and earning a small cut of each sale.

Fact People buy several trillion dollars of goods online each year.

What would have to be true:

  • Shops and payment firms joining in
  • People trusting an AI to spend their money
  • A cut of about 2% that sellers accept

If it happens: OpenAI earns $36B a year from 2032, worth $171B then at 20x profit. Weighted by a 25% chance and discounted to today: $19B.

A device that replaces the smartphone

An AI-first gadget built with Jony Ive's team.

Fact The world spends roughly $500 billion a year on smartphones.

What would have to be true:

  • A product people prefer over their phone
  • Hardware supply chains and retail at scale
  • Apple and Google not matching it first

If it happens: OpenAI earns $50B a year from 2033, worth $198B then at 20x profit. Weighted by a 10% chance and discounted to today: $7.7B.

AI that cures diseases and slows ageing

Royalties or partnerships on drugs and treatments found with OpenAI models.

Fact The world spends about $1.6 trillion a year on medicines.

What would have to be true:

  • AI-found drugs passing clinical trials
  • Regulators accepting AI-led research
  • Deals that pay OpenAI, not only its customers

If it happens: OpenAI earns $20B a year from 2040, worth $126B then at 20x profit. Weighted by a 8% chance and discounted to today: $1.6B.

Superintelligence

AI better than people at nearly all work, OpenAI's stated mission, sold as a service.

Fact OpenAI's charter aims at "artificial general intelligence"; nobody knows when or if it arrives.

What would have to be true:

  • A breakthrough beyond today's models
  • Enough chips and power to run it
  • Governments letting one company sell it

If it happens: OpenAI earns $400B a year from 2040, worth $1.90T then at 20x profit. Weighted by a 4% chance and discounted to today: $12B.

Switch on the moonshots you believe in to add their value to your model above.

Value today = chance x (market x share) x margin x (1 - tax) x 20x profit, discounted from the start year at your required return and shrunk for dilution. Margins are our view: Replacing web search 35%, AI shopping agent 30%, A device that replaces the smartphone 25%, AI that cures diseases and slows ageing 40%, Superintelligence 30%.

Maker of ChatGPT. Filed confidentially for an IPO; listing now expected in 2027. Below is a valuation lab built on the best public reporting (OpenAI has published no prospectus yet): pick a scenario, move the sliders, and the Stonkometer shows whether today's valuation looks like a bubble or a bargain by your numbers. Assumption Our middle case puts OpenAI at $1.03T against a last round of $852B. It is a starting point, not a forecast; yours will differ, and that is the point.

Fact from filings or reports, sourced below · Assumption a Stonkometer default you can change · Our view opinion

Big claims, checked

Fact Each claim is quoted with its source. The maths shows what would have to be true; the slider defaults are assumptions.

OpenAI projections (reported 2025)

“About $200 billion of revenue by 2030, cash-flow positive by 2029-2030.”

From a ~$49B run-rate in late 2026.

Reported (Bloomberg, Oct 2026)

“Annualised revenue of $70B or more by the end of 2026.”

About 10 weeks after the ~$50B figure.

Reported funding talks (Oct 2026)

“A new round valuing OpenAI above $1.4 trillion.”

What profits would $1.4T need?

What the reports say Fact

  • OpenAI is private and has not published a prospectus. Everything here is from company statements and major press, not audited filings.
  • Reported revenue: $3.7B (2024), $13.1B (2025); run-rate "approaching $50B" in October 2026, about $20B below figures earlier shared with investors (FT).
  • Restructured in 2025: a for-profit public benefit corporation controlled by the OpenAI Foundation; Microsoft holds a large stake.
  • Reported compute commitments include Oracle ($300B over five years), Microsoft Azure ($250B), AMD (6 GW), Nvidia (8 GW site with a $105B backstop) and Broadcom chips.
  • Earlier projections: about $115B of cash burn through 2029 and around $200B of revenue by 2030 (reported 2025).
  • IPO filed confidentially in June 2026; Sam Altman said in September it slips to 2027.

Key risks Our view

  • Cash burn is enormous and depends on raising more money.
  • Competition from Anthropic, Google, xAI and open-source models presses prices down.
  • Revenue figures are self-reported and have been revised down once already.
  • Complex governance: a nonprofit foundation, Microsoft and other investors all have rights.
  • Lawsuits over training data, and safety and regulatory pressure.
  • Long compute contracts are fixed costs if demand slows.

OpenAI has published no risk factors yet, so this list is our own reading of public reporting.

The business lines in the model

ChatGPT and API (not broken out)$49B reported run-rate (about $50b, oct 2026), $67B on the latest basis

OpenAI publishes no split. 2025 revenue was $13.1B.

Advertising$1B reported run-rate (about $50b, oct 2026), $3B on the latest basis

Ads passed a $1B run-rate in Aug 2026, about 200 days after launch.

Bet: Devices and commerce

Hardware with Jony Ive's team and shopping inside ChatGPT. No numbers disclosed.

Reported run-rate (about $50B, Oct 2026): Financial Times, Oct 2026: "approaching $50 billion". Company target ($70B run-rate, end 2026): Bloomberg, Oct 2026: OpenAI still targets $70B+ annualised by year end. Not disclosed. A post-money valuation already includes the cash raised..

Questions people ask Fact

Can I buy OpenAI stock?

No. OpenAI is private. It filed confidentially for an IPO in June 2026, and Sam Altman said in September that the listing slips to 2027.

What is OpenAI worth?

Its $122 billion round in March/April 2026 valued it at $852 billion. Talks of a round above $1.4 trillion were reported in October 2026.

How much revenue does OpenAI make?

It reported $13.1 billion for 2025 and a run-rate approaching $50 billion in October 2026, with a target of $70 billion by the end of 2026.

Sources

Data as of 2026-10-26. Private valuations change only when the company raises money or lists. Spotted an error? Tell us.

Value SpaceXRockets, Starlink and, since the xAI merger, Grok, X and Cursor in one company.Value TeslaCars, batteries and charging today; robotaxis and Optimus robots are the bet.Value AnthropicMaker of Claude. Filed its public IPO prospectus (S-1) on 26 Oct 2026.

Not investment advice. Stonkometer is an educational calculator, not investment advice. Valuations depend entirely on the assumptions you choose. We are not a broker or adviser, and nothing here is a recommendation to buy or sell any security. Do your own research and consider a licensed adviser. Full disclaimer