AI“最高潮”时间表来了？OpenAI考虑最早2026年下半年交表，27年上市，估值1万亿美元

Core Viewpoint - OpenAI is considering an IPO with a valuation of up to $1 trillion, aiming to submit its application to regulators by the second half of 2026 and officially list in 2027 [1][2]. Financial Needs and Market Context - The initial fundraising target for the IPO is at least $60 billion, reflecting the company's significant capital requirements [2]. - OpenAI expects to consume $115 billion by 2029, while its revenue for this year is projected to be only $13 billion, indicating a substantial funding gap [4][9]. - The current market environment is favorable for AI companies, as evidenced by CoreWeave's recent IPO and Nvidia's market capitalization exceeding $5 trillion, creating a conducive backdrop for OpenAI's potential listing [7]. Company Structure and Strategy - OpenAI has restructured to reduce its dependency on Microsoft, which invested $13 billion and holds approximately 27% of the company [3][8]. - The restructuring involved converting early investors' investments into common equity and removing financial return caps, enhancing appeal to public market investors [16]. Technological and Operational Goals - OpenAI's internal roadmap includes having an automated AI research intern running on hundreds of thousands of GPUs by September 2026, and a fully automated AI researcher by March 2028 [12]. - The company plans to invest approximately 30 gigawatts in computing power, with total ownership costs projected at around $1.4 trillion over the coming years [14]. Competitive Landscape - The IPO is seen as crucial for OpenAI to secure necessary funding to compete against rivals like Google and xAI [10].