FinanceFeeds는 OpenAI의 IPO 기업가치를 1조 달러로 전망하며, 주가는 807달러에 형성될 것으로 예상했다. 이는 막대한 컴퓨팅 인프라 구축에 대한 시장의 기대를 반영한 것이다.

Nobody is going to hand you an OpenAI IPO price prediction from the company, because OpenAI has never published a share count — and without one, a valuation headline tells you nothing about what a share costs. That gap is fillable. Forge Global publishes both halves of the equation: an OpenAI price of $721.85 against an implied valuation of $894.33bn as of 28 August 2026. Divide one into the other and OpenAI is carrying roughly 1.24bn shares. Run the widely reported $1 trillion IPO target through that share count and the answer is $807 per share — a 12% step up from where accredited buyers are marked today, not the moonshot the trillion-dollar headline implies. The gap between “a trillion dollars” and “twelve per cent” is the single most useful number in this entire story, and almost nobody is quoting it.

That framing changes what the trade actually is. A retail investor reading “$1 trillion IPO” hears a once-in-a-decade repricing event. What the arithmetic says is that the private market has already marked OpenAI to roughly 89% of its own IPO target, and that anyone buying pre-IPO exposure today — through a secondary platform, a broker’s CFD, or a crypto exchange’s pre-IPO perpetual — is underwriting a 12% move on the headline case and a substantial loss on anything below $894bn. Meanwhile the timeline has slipped. OpenAI CFO Sarah Friar told an August all-hands that the company “will be a public company in 2027,” not 2026. Paying today’s mark for a listing that is eighteen months out is a very different proposition from front-running one that is eighteen weeks out, and the pre-IPO products now proliferating across crypto venues are, for the most part, not priced as though anyone has done that division.

**Key Reference Metrics**

• $721.85 per share at a $894.33bn implied valuation — the Forge Price for OpenAI as of 28 August 2026, which back-solves to roughly 1.24bn shares — Forge Global

• $807 per share — the implied price at the reported $1 trillion IPO target on that share count, a 11.8% premium to today’s mark — FinanceFeeds calculation

• $852bn post-money on the $122bn Series G closed 31 March 2026, led by Amazon ($50bn), SoftBank ($30bn) and Nvidia ($30bn) — StartupHub

• $7bn employee tender in August 2026, executed at that same $852bn valuation — the company chose not to mark itself up — The Motley Fool

• Confidential S-1 filed 8 June 2026; CFO guidance now points to a 2027 listing — CNBC

• ~$20bn+ annualised revenue exiting 2025 against a projected $14bn loss for 2026, with profitability guided to the early 2030s — StartupHub

• ~40–50x revenue — what $1 trillion asks against that run rate, versus roughly 31x for Anthropic at its reported $2 trillion target — FinanceFeeds calculation

• OpenAI’s implied price per share at each valuation level, on roughly 1.24bn shares back-solved from Forge Global’s own price and implied valuation. The $1 trillion headline is worth $807 a share — about 12% above where the private market already marks the company. Chart: FinanceFeeds.

**How the $807 Number Is Built, and Where It Can Break**

The method is deliberately boring, because every alternative is worse. OpenAI does not disclose shares outstanding, so any per-share figure has to be inferred from a source that publishes a price and a valuation derived from the same model. Forge does exactly that: its Forge Price is a modelled figure drawing on primary round pricing, completed secondary transactions, and live indications of interest across Forge and other private venues. Using Forge’s own pair keeps the numerator and denominator internally consistent. Back-solving from the $852bn Series G post-money against a price sourced elsewhere would mix two different measurement bases and produce a share count that is wrong in an unknowable direction.

On roughly 1.24bn shares, the valuation ladder is straightforward. A $600bn outcome is $484 a share. $750bn is $605. Today’s $894.33bn Forge mark translates to the $721.85 it reports. The $1 trillion target is $807. A $1.2 trillion debut would be $969, and $1.5 trillion — the number circulating among the most aggressive AI bulls — would be $1,211.

Two variables can break this arithmetic, and both cut the same way. The first is primary issuance. Every IPO sells new shares, and OpenAI’s cash needs are enormous — a $14bn projected loss for 2026 and compute commitments that dwarf it. If the company issues 10% new equity at the offering, the $1 trillion target is spread across roughly 1.36bn shares and the implied price falls to about $735, barely above today’s mark. A large primary raise is the single most likely reason a trillion-dollar valuation delivers a disappointing per-share print.

The second is the capped-profit and non-profit-control structure. OpenAI’s equity is not plain common stock, and the conversion mechanics of its restructured entity determine what a public share actually represents. Until the S-1 goes public, nobody outside the company knows the exact fully-diluted count or the terms attaching to it. Treat $807 as the arithmetic consequence of a stated valuation target and a market-implied share count — not as a forecast, and certainly not as a price at which anything is currently offered.

**What the Market Is Doing About It, and Why Crypto Venues Got There First**

The most interesting response to OpenAI’s listing delay has not come from Wall Street. It has come from exchanges and brokers building synthetic access to a stock that does not exist yet.

Binance added an OpenAI pre-IPO perpetual after its SpaceX equivalent cleared $280m in volume, and OKX followed with OpenAI and SpaceX pre-IPO perpetual futures. On the regulated brokerage side, STARTRADER listed OpenAI and Anthropic pre-IPO CFDs and PU Prime expanded its pre-IPO product range to both names. Separately, Bitget’s OpenAI-connected token offering passed $100m ahead of its close.

The cross-industry parallel here is exact, and it is not to equities. It is to the sports betting market’s invention of the futures book. When an outcome is genuinely uncertain and genuinely far away, the demand to express a view arrives long before any settlement mechanism exists — so the venue manufactures one, and the manufactured instrument trades on sentiment rather than on the underlying, because there is no underlying to arbitrage against. A pre-IPO perpetual on OpenAI has no deliverable. It cannot be arbitraged against Forge, because Forge is accredited-only and its inventory is transfer-restricted by OpenAI itself. The result is a price that is free to detach from the $721.85 mark in either direction, indefinitely, with funding rates as the only tether.

That is a structurally important point for anyone running a brokerage desk. These products are not a cheaper route to the same exposure. They are a different exposure — one whose reference price is set by the venue’s own methodology, whose settlement on an actual listing is a contractual question rather than a market one, and which carries no claim on OpenAI equity whatsoever. The spread between a perpetual’s mark and the $807 arithmetic above is not an arbitrage. It is a measure of how much retail is willing to pay for access it cannot otherwise get.

**The Data: Why a Trillion Dollars Is the Expensive Option**

Here is the synthesis that the OpenAI and Anthropic coverage keeps siloing. OpenAI is asking roughly $1 trillion against annualised revenue that exited 2025 above $20bn and a projected $14bn loss for 2026 — call it 40 to 50 times revenue, on a business guided to profitability in the early 2030s. Anthropic’s reported $2 trillion figure sits against a revenue run rate that passed $65bn by July 2026, which is roughly 31 times revenue, on a business projected to have posted an operating profit in Q2 2026.

The company with the smaller headline number is the more expensive stock. That is not how anyone is reading these two IPOs, and it is directly checkable from public figures.

**OpenAI**

Last private mark: $894.33bn (Forge, 28 Aug 2026)

Implied price per share: $721.85

Reported IPO target: ~$1 trillion

Implied price at target: $807

Step-up from today’s mark: +11.8%

Revenue run rate: $20bn+ (end-2025 exit)

Implied revenue multiple at target: ~40–50x

Profitability: $14bn projected 2026 loss; profitable early 2030s

Timing guidance: 2027, per CFO

**Anthropic**

Last private mark: $965bn post-money (Series H)

Implied price per share: $729.87 (Nasdaq Private Market, 19 Aug)

Reported IPO target: ~$2 trillion (press-reported, not company-fixed)

Implied price at target: $1,513

Step-up from today’s mark: +107%

Revenue run rate: $65bn+ (July 2026)

Implied revenue multiple at target: ~31x

Profitability: Q2 2026 operating profit projected at $559m

Timing guidance: October 2026 reported; not company-confirmed

Read the “step-up” row carefully, because it is where the risk actually lives. OpenAI’s private market has already priced in most of the trillion. Anthropic’s has priced in almost none of the two trillion. If both companies list at their reported targets, an Anthropic pre-IPO holder more than doubles and an OpenAI pre-IPO holder makes twelve per cent. If both fall short of those targets, the asymmetry flips entirely, leaving pre-IPO capital exposed to immediate valuation compression and extended timelines.