ChatGPT-Maker OpenAI Is Headed for a $1 Trillion IPO. The Biggest Winner Could Be Microsoft Stock.

Yahoo Finance ·

OpenAI reportedly wants to go public at a valuation of $1 trillion or more. And no shareholder has more riding on that number than Microsoft ( MSFT +1.69% ) -- a company having the worst 2026 of any "Magnificent Seven" member. The pairing is strange when you line it up. Microsoft shares are down about 19% this year and sit nearly 30% below their 52-week high. Yet the same company owns roughly 27% of what is arguably one of the most valuable private technology companies in the world -- a stake that could soon carry a public price tag. So does the IPO math change the buy case for a beaten-down Microsoft? Let's run it. Start with what Microsoft actually owns. When OpenAI completed its restructuring into a public benefit corporation last October, Microsoft disclosed that its investment represented roughly 27% of the company on an as-converted diluted basis, valued at approximately $135 billion. The same agreement extended Microsoft's rights to OpenAI's technology through 2032 and included a commitment from OpenAI to purchase an additional $250 billion of Azure services.

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