OpenAI IPO 2026: How the Musk Trial Could Kill a Trillion-Dollar Offering

# OpenAI IPO 2026: How the Musk Trial Could Kill a Trillion-Dollar Offering

> **Quick answer:** OpenAI is planning a landmark IPO targeting a valuation near $1 trillion, but the Musk v. Altman trial — with jury deliberations beginning May 19, 2026 — poses the single most acute threat to that plan. A verdict in Musk's favor could legally unwind the for-profit Public Benefit Corporation structure that the entire IPO premise is built on, potentially delaying the offering by years and erasing hundreds of billions in projected valuation.

The OpenAI IPO 2026 risk from the Musk trial is not hypothetical. Closing arguments concluded May 14, 2026, and the jury deliberates Monday. Whatever the advisory verdict, Judge Yvonne Gonzalez Rogers holds the power to grant Musk's most dangerous requests — and the IPO window closes the moment she does.

Here is the investor-grade breakdown: what the IPO actually looks like, what Musk is asking for, and exactly what each verdict scenario means for the public offering.

## The IPO OpenAI Is Planning — and What It's Worth

OpenAI's most recent funding round, closed March 2026, valued the company at **$852 billion** on $122 billion in committed capital. Bankers internally discuss a potential listing at or above $1 trillion, which would make it the largest IPO in U.S. history — surpassing Saudi Aramco's $1.7 trillion debut in 2019 by market capitalization context.