全球史上最大IPO要来了！

Core Viewpoint - OpenAI is preparing for its initial public offering (IPO) with a target valuation of $1 trillion and plans to raise at least $60 billion, potentially becoming the largest IPO in history [1][3][4] Group 1: IPO Preparation - OpenAI's CFO indicated that 2027 is the target year for the IPO, but some financial advisors suggest it could happen as early as late 2026 depending on market conditions [3] - The company has recently completed a complex restructuring to facilitate the IPO, including converting early investors' shares to common stock and removing shareholder return caps [4] - OpenAI's current annual revenue is approaching $20 billion, but it faces significant operational losses due to high costs associated with scaling and research [4] Group 2: Market Context - The IPO comes at a peak of global AI investment, with companies like CoreWeave and Nvidia seeing significant stock price increases, creating a favorable environment for OpenAI [5] - Early investors, including Microsoft, are poised for substantial returns, with Microsoft's stake valued at approximately $135 billion [5] Group 3: Valuation Concerns - Analysts express concerns about the potential for an AI bubble, as OpenAI's valuation has doubled from its previous $500 billion private market valuation [7] - The company's ability to commercialize its technology and achieve its ambitious goals will be critical for sustaining its valuation post-IPO [7]