OpenAI’s path to a $1 trillion-plus valuation in 2026 rests on sustained revenue momentum and investor appetite for its large language models. After closing a $122 billion round at an $852 billion post-money valuation in March, the company reported annualized revenue run rates climbing from roughly $40 billion in August toward $50–70 billion by late September, fueled by GPT-5.6 and follow-on releases that lifted enterprise adoption. Talks of a $30 billion bridge round at $1.2–1.4 trillion emerged in September, while an October employee tender and SoftBank’s final tranche reinforced the upward trajectory. With an IPO now expected no earlier than 2027, traders see these private-market signals and AI capability gains as the dominant factors supporting the 84.8% implied probability of crossing the threshold before year-end.