Markets
markets
Claire Yubin Oh

OpenAI has started work on an IPO that could value the company at $1 trillion

OpenAI is preparing for an initial public offering that could value the company as high as $1 trillion.

Citing three people familiar with the matter, Reuters reports that the ChatGPT maker is considering filing with regulators as soon as the second half of 2026, despite CFO Sarah Friar reportedly having previously told associates that the company was aiming for the year after.

The news comes just two days after the company completed its restructuring into a nonprofit that has a controlling equity stake in its for-profit business.

While the talks are obviously still in very preliminary stages, OpenAI is currently considering raising $60 billion, or likely more through the process, per Reuters’ sources — much-needed capital to satisfy the flurry of deals the company has signed with chipmakers and data center providers.

Having pledged to spend an eye-watering $1 trillion on advancing its AI models and products, but with a revenue run rate that’s currently closer to $12 billion, maybe OpenAI really is finding that there is a limit to what it can raise in the private markets.

OpenAI Anthropic revenue
Sherwood News

OpenAI’s annual revenue run rate is reportedly expected to reach ~$20 billion by the end of the year.

Exclusive: OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation

Exclusive: OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation

The news comes just two days after the company completed its restructuring into a nonprofit that has a controlling equity stake in its for-profit business.

While the talks are obviously still in very preliminary stages, OpenAI is currently considering raising $60 billion, or likely more through the process, per Reuters’ sources — much-needed capital to satisfy the flurry of deals the company has signed with chipmakers and data center providers.

Having pledged to spend an eye-watering $1 trillion on advancing its AI models and products, but with a revenue run rate that’s currently closer to $12 billion, maybe OpenAI really is finding that there is a limit to what it can raise in the private markets.

OpenAI Anthropic revenue
Sherwood News

OpenAI’s annual revenue run rate is reportedly expected to reach ~$20 billion by the end of the year.

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Luke Kawa
2m
Investors just raised the most cash since the March 2020 pandemic panic

It’s just a caution, though.

Referee Marco Guida shows a yellow card during the UEFA EURO
markets
Claire Yubin Oh

Amazon introduces one- and three-hour delivery options in hundreds of new towns and cities

Harder, better, stronger, faster... Amazon, not content with completely altering our expectations for how quickly our goods should arrive, is rolling out one- and three-hour deliveries in new cities in the US as it continues to double down on ultrafast delivery.

Per the company’s press release, one-hour delivery is now available in “hundreds of cities and towns” in the US, and three-hour options are offered in “over 2,000 cities and towns,” both available seven days a week though their regular same-day shopping experience. More than 90,000 products, which are typically available in local supercenters, are currently eligible for delivery under the two plans, and Amazon expects to bring the new scheme to more areas in the coming months.

Delivery fees for Prime members are set at $9.99 for one-hour delivery and $4.99 for three hours, though this price range more than doubles to $19.99 and $14.99, respectively, for customers without a Prime membership.

Regarding the new delivery options, Udit Madan, Amazon’s senior vice president of worldwide operations, said: “we’re excited to say that two decades after Prime launched, we’re still innovating to make delivery even faster, while maintaining the same everyday low prices and vast selection Amazon is known for.”

Indeed, since it launched same-day delivery in 2015, Amazon has been experimenting with a number of ultrafast delivery options, including recently piloting a 30-minute delivery service in selected US cities, built on its network of fulfillment centers and on-demand workers. The e-commerce giant’s latest push also comes as competitors like Walmart started to boost its delivery capacity, touting that it can deliver to 95% of American households in less than three hours.

Tasha Matsumoto
16h
Stocks rebound as the price of oil retreats

Every sector traded higher, with tech leading gains on increased optimism that tankers will be able to pass through the Strait of Hormuz.

Aberdeen Angus Bull
Luke Kawa
17h
Nvidia briefly spikes after Jensen Huang sees at least $1 trillion in AI chip sales through 2027

The stock then gave it all up and then some.

Jensen Huang at 2026 GTC in San Jose
markets
Luke Kawa

Oil’s retreat propels US stocks higher

Front-month West Texas Intermediate futures are down more than 4%, while Brent futures are off more than 2% as of 1:25 p.m. ET as traders glom on to some optimistic signs about the flow of oil through the all-important Strait of Hormuz:

  • A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”

  • US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

  • A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”

  • US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

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