OpenAI Plans to File for IPO This Week, Valuation Over $1 Trillion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.SEPTEMBER LISTING:OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming for a blockbuster initial public offering as soon as September, Financial Times' George Hammond. The company has been laying the groundwork for an offering expected to value it at north of $1T, working with bankers at Morgan Stanleyand Goldman Sachsand lawyers at Cooley over the past few months, according to the report, citing people familiar with the matter. The group could file a draft IPO prospectus as early as Friday, starting the timer on a public listing for the autumn, FT added. That timing could shift depending on the market and on the performance of Elon Musk's SpaceX, which is expected to go public next month in the biggest listing of all time, the author notes.DEALMAKING IN AI INDUSTRY:Nvidiahas committed $90B to dealmaking in the AI industry over the past 16 months, Ryan McMorrow and Michael Acton of The Financial Times. The company committed $47B to investments in partnerships in the year to January 25 and designated an additional $43B in the four months since.BETS ON OPENAI:SoftBank Groupinvested billions in OpenAI last year, leading to some executives asking Masayoshi Son what would happen if ChatGPT ever failed, Min-Jeong Lee and Mayumi Negishi of Bloomberg. On multiple occasions, Son has dismissed such questions, often so bluntly that his lieutenants have stopped asking, people familiar with the conversations told Bloomberg. Recent breakthroughs by rival Anthropic, however, has raised doubts about OpenAI, with some SoftBank officials anxious over the ballooning commitment to the U.S. company.AI-NATIVE MODERNIZATION ON AZURE:Grid Dynamicsannounced an AI-native modernization service offering on Microsoft Azure, powered by its GAIN Platform for SDLC. The offering targets large enterprise clients running mission-critical, high-transaction-volume legacy environments. By tackling their biggest roadblocks-technical debt and legacy licensing costs-it addresses a market segment known for larger contracts and stronger margins. "The introduction of our GAIN Platform for SDLC on Microsoft Azure is a pivotal moment for enterprises looking to shed technical debt and achieve cloud-native agility. By leveraging our proven AI modernization frameworks with Azure's infrastructure, we are enabling mission-critical systems to not just migrate, but to fundamentally transform and modernize, unlocking massive innovation potential while driving down legacy costs," said Rahul Bindlish, SVP Global Partnerships and Marketing at Grid Dynamics.WHATSAPP ACCESS:Metahas offered EU regulators a proposal to allow rival AI chatbots, including OpenAI systems, free access to WhatsApp in Europe up to a usage threshold, after which Meta would begin charging fees, in an effort to address antitrust scrutiny from the European Commission over its messaging platform access policies, Reuters' Foo Yun Chee.
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Analyst Views on MS
Wall Street analysts forecast MS stock price to fall
14 Analyst Rating
7 Buy
7 Hold
0 Sell
Moderate Buy
Current: 203.790
Low
132.00
Averages
185.00
High
219.00
Current: 203.790
Low
132.00
Averages
185.00
High
219.00
About MS
Morgan Stanley is a global financial services company. The Company is engaged in providing a range of investment banking, securities, wealth management and investment management services. Its segments include Institutional Securities, Wealth Management and Investment Management. Its Institutional Securities segment provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Its Wealth Management segment provides an array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Its Investment Management segment provides a range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Its investment banking services consist of capital raising and financial advisory services, including the underwriting of debt and other products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Surge in AI Server Demand: Dell's AI server revenue skyrocketed 757% year-over-year, indicating the company's increasing competitiveness in high-performance computing and further solidifying its market position.
- Earnings Exceed Expectations: Adjusted earnings per share came in at $4.86, significantly surpassing market expectations of $2.94, reflecting the company's success in cost control and operational efficiency, thereby boosting investor confidence.
- Positive Analyst Reactions: Morgan Stanley analysts noted that Dell's earnings report exceeded expectations, describing it as one of the most impressive quarters they have seen in their coverage of hardware, indicating optimistic market sentiment regarding Dell's future growth.
See More
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- Revenue Beat: Despite facing significant losses in Q1, Joby reported $24 million in sales, exceeding forecasts of $20 million, indicating strong revenue growth potential and a recovery in market demand.
- Commercial Launch Plans: Management reiterated its 2026 guidance and plans to commence its first commercial service this year, which not only signals positive short-term developments but also lays a foundation for long-term growth.
- Vast Market Potential: According to Morgan Stanley's report, the total addressable market for eVTOLs could reach $1.5 trillion by 2040, and even capturing a small market share could propel Joby's market cap from $11.3 billion to over $100 billion, highlighting the potential for a tenfold increase in stock price.
See More
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- Regulatory Progress: Joby Aviation is leading in regulatory matters, having achieved Type Inspection Authorization and participating in the White House's Integration Pilot Program, which is expected to expedite the launch of its U.S. commercial passenger service, further boosting market confidence.
- Commercial Launch Plans: Management reiterated its 2026 guidance and plans to commence its first commercial launch this year; while it remains uncertain whether the stock can sustain its upward momentum in the short term, the long-term outlook remains optimistic, potentially driving the stock toward the sell-side target price of $18.
See More
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See More
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- Defense Contract Boost: Dell's contract with the Department of Defense, valued at approximately $9.69 billion, allows defense customers to access Microsoft software licenses and cloud services, further expanding Microsoft's market opportunities in the defense services sector.
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See More
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- Project Partnerships: Dubbed Project Lightwell, the initiative has already attracted major U.S. banks such as Goldman Sachs, Morgan Stanley, JPMorgan, and Bank of America as early adopters, indicating strong market confidence and demand for IBM's new platform.
- Innovation Driven by Technology: CEO Arvind Krishna noted that Anthropic's Mythos model was a pivotal factor in driving this investment, highlighting the potential of large language models to discover and exploit vulnerabilities in code, which could reshape the cybersecurity landscape.
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See More
