A reported OpenAI IPO later this year that will test investor tolerance for the AI boom’s cash bonfire

OpenAI is reportedly racing toward a fourth-quarter 2026 initial public offering that would test just how much faith investors still have in the AI boom.

The AI lab has begun informal talks with Wall Street banks and hired new finance executives to prepare for the listing, according to a report from The Wall Street Journal. Representatives for OpenAI did not immediately respond to a request for comment from Fortune. But while the company is currently valued at $500 billion, it has said it doesn’t expect to turn a profit until 2030.