OpenAI's transition to a public benefit corporation structure last October, paired with its record $122 billion funding round at an $852 billion post-money valuation in March, has positioned the artificial intelligence leader for a potential 2026 IPO targeting up to $1 trillion. Recent credible reporting highlights chief financial officer Sarah Friar's private concerns over public-company readiness and missed revenue targets, raising the prospect of a shift to mid-2027 amid heavy infrastructure spending on large language models and compute. Competitive pressure from Anthropic's parallel timeline adds urgency, while ongoing litigation and the absence of an SEC filing keep the outcome fluid for traders assessing near-term catalysts.