2025-04-24
OpenAI is one of the most talked-about AI companies in the world. Yet as of late 2025, it remains private. Many investors ask: Can I buy OpenAI stock? When might it go public? What indirect routes exist?
This article will clarify those questions with fresh data, key developments, and a comprehensive view of alternatives.
The immediate answer is no. OpenAI operates under a "capped-profit or public benefit" model, which combines mission focus with investor gains. This structure complicates standard IPO pathways.
In March 2025, OpenAI announced it was raising $40 billion, valuing itself at around $300 billion. Reports indicate that SoftBank is leading the round, contributing approximately 75% of the funding. [1]
However, as of September 2025, OpenAI still has not filed an official S-1 registration or confirmed a public listing date.
Due to these structural and regulatory considerations, OpenAI has remained private so far.
In September 2025, Nvidia and OpenAI announced a strategic partnership to deploy at least 10 gigawatts of NVIDIA systems to power next-gen AI infrastructure. Nvidia intends to invest up to $100 billion, with funding tied to deployment phases. [2]
The first gigawatt is expected to go live in H2 2026 using the Vera Rubin platform.
Importantly, Nvidia's investment is non-voting, meaning it does not grant control over OpenAI.
Some analysts view this "circular financing" (where a company invests in its hardware supplier, which then supplies them) as innovative and potentially risky.
OpenAI, together with Oracle and SoftBank, is expanding its Stargate AI infrastructure with five new U.S. data centres. This raises investment estimates toward $500 billion and pushes compute capacity goals to nearly 7 gigawatts in this phase.
The shift indicates OpenAI's ambitious growth plans and highlights significant capital requirements.
Some analysts view this as both a strength (infrastructure moat) and a risk (huge capital burden).
OpenAI now faces litigation related to the use of its models. For example, in August 2025, a lawsuit alleged that ChatGPT contributed to a teen's suicide, raising questions about responsibility, safety, and public policy.
While this does not directly impact IPO timing, regulatory scrutiny and public sentiment may affect its listing considerations.
Although OpenAI has not publicly committed to an IPO, rumours suggest it is being considered within the next 1–3 years. Any IPO would likely require a restructuring to a more conventional equity model, with oversight by its non-profit governance arm. Reuters reports suggest deliberations are ongoing. [3]
However, as mentioned earlier, an S-1 has not yet been submitted, and substantial regulatory or structural obstacles persist.
OpenAI is valuing itself at approximately $500 billion in connection with funding rounds as of the Nvidia deal.
However, long-term valuation may draw scrutiny if compute costs, scaling challenges, or fragmented AI returns emerge.
Regulatory pushback, especially around AI safety or antitrust.
Public markets' appetite for expensive tech IPOs (especially after periods of volatility).
Liability or reputational risk tied to model impacts (e.g. misinformation, misuse).
Complexity in reconciling non-profit oversight and investor returns.
Below is a comparison of routes you can use to gain exposure:
| Route | Pros | Risks / Cons | Liquidity / Access Level |
|---|---|---|---|
| Microsoft (MSFT) | Public, liquid, strong AI exposure via partnership | Not pure OpenAI bet; broad business mix | Low, available in any brokerage |
| AI / Tech ETFs | Diversified, easy exposure to AI theme | No direct OpenAI share exposure | Low |
| Pre-IPO Marketplaces | Potential direct upside | Illiquid; often restricted to accredited/institutional investors | High constraints |
| Competitor or partner AI stocks | More direct thematic alignment | Different risk profiles & metrics | Medium |
Each route brings tradeoffs: you may gain AI exposure, but rarely get pure OpenAI upside.
No. OpenAI remains private. You can only gain exposure via indirect routes. Microsoft has the most direct exposure due to its partnership and investment in OpenAI's infrastructure.
Its governance structure complicates a standard IPO. It also faces huge capital, regulatory, and scaling hurdles.
No confirmed IPO filing exists. However, rumours point to 2026–2028 as the most realistic windows.
It indicates strong dedication to computing and financial backing, while also raising concerns: will OpenAI depend heavily on Nvidia? Who holds control?
In conclusion, OpenAI remains one of the most anticipated private tech names. And with recent mega-investments and infrastructure expansion, expectations are sky-high.
However, as of September 2025, the company remains private, with no IPO filed and significant structural and regulatory hurdles ahead.
If you're seeking exposure now, your best paths are via Microsoft exposure, AI sector ETFs, or high-risk pre-IPO marketplaces. But none replicate pure ownership of OpenAI.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
[1] https://www.reuters.com/technology/artificial-intelligence/openai-raise-40-billion-softbank-led-new-funding-2025-03-31/
[2] https://nvidianews.nvidia.com/news/openai-and-nvidia-announce-strategic-partnership-to-deploy-10gw-of-nvidia-systems
[3] https://fortune.com/2025/09/15/are-we-inching-closer-to-an-openai-ipo/
