Gate News message, April 22 — OpenAI has reached an implied $1 trillion pre-IPO valuation, according to on-chain pre-IPO instruments trading on Jupiter backed by SPV exposure. The valuation has surged 163% since October 2025, when speculation about a potential $1 trillion-plus IPO first emerged.
SpaceX is reportedly targeting a valuation exceeding $1.7 trillion, while Anthropic is approaching the same $1 trillion milestone. These three companies are now in a high-stakes race to become the next major public listing.
OpenAI’s path to this valuation reflects the escalating costs of generative AI. A single ChatGPT exchange can cost $0.01 to $0.10, while high-definition image generation ranges from $0.10 to $0.20. With billions of daily requests in 2026, the computational demands are staggering. GPUs—primarily supplied by Nvidia—cost tens of thousands of dollars each, and cloud access runs several dollars per hour per chip. Industry estimates suggest that infrastructure investment could reach hundreds of billions of dollars by the end of the decade.
OpenAI originally aimed to build AI “beneficial to humanity” and prevent a few firms from controlling the field. However, mounting costs forced a shift. In 2019, the company adopted a hybrid structure combining foundation control with capital-raising capabilities. ChatGPT’s launch in late 2022 accelerated this transformation, reaching 100 million users in two months and 900 million weekly active users by early 2026. Revenue followed suit: from approximately $200 million in 2022 to over $10 billion in 2025—a 60-fold increase.
OpenAI’s subscription tiers now range from $20 to $200 monthly for consumers, while enterprise plans cost $25 to $60 per user per month. A company with 10,000 employees can therefore generate several million dollars in annual revenue. Meanwhile, Anthropic faced a pricing backlash when Claude Code appeared to vanish from its $20-per-month Pro tier, seemingly requiring a $100-per-month subscription instead. Anthropic later clarified the pricing page change affected only 2% of new sign-ups and that existing users saw no change. During the confusion, Sam Altman and OpenAI staff used the moment to promote Codex, OpenAI’s competing coding tool.
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