OpenAI's completed transition to a for-profit public benefit corporation last year has unlocked substantial new capital while sharpening focus on an IPO that could value the company near $1 trillion. Explosive revenue growth from its large language models, now exceeding $25 billion annualized, contrasts with steep infrastructure costs and projected cash burn exceeding $200 billion before profitability, creating urgency for public-market access. CEO Sam Altman pushes for a potential late-2026 filing to outpace rival Anthropic, but CFO Sarah Friar has flagged organizational gaps that favor a 2027 timeline. Traders are watching for any SEC registration, further funding rounds, or productivity benchmarks that could shift implied probabilities around the company's capital-raising window.