原文標題：
Exclusive-OpenAI lays groundwork for juggernaut IPO at up to $1 trillion
valuation
原文連結：https://tinyurl.com/5bjdsf8y
發布時間：Thu, October 30, 2025 at 7:21 AM GMT+8
記者署名：
(Reporting by Echo Wang in New York, Kenrick Cai, Deepa Seetharaman, and
Krystal Hu in San Francisco; Editing by Kenneth Li and Lisa Shumaker)
原文內容：
SAN FRANCISCO — OpenAI is laying the groundwork for an initial public
offering that could value the company at up to around $1 trillion, three
people familiar with the matter said, in what could be one of the biggest IPOs
of all time and give CEO Sam Altman access to a much larger pool of capital
to pull off his ambitious agenda.
舊金山報導——據三位知情人士透露，OpenAI正在為首次公開募股（IPO）做準備，該公
司估值可能高達約 1兆美元，這可能成為歷史上規模最大的IPO之一，並讓執行長 山姆·
奧特曼（Sam Altman） 能獲得更龐大的資本池，以推動他雄心勃勃的計畫。
OpenAI is considering filing with securities regulators as soon as the second
half of 2026, some of the people said. In preliminary discussions, the company
has looked at raising $60 billion at the low end and likely more, the people
said. They cautioned that talks are early and plans — including the figures
and timing — could change depending on business growth and market conditions.
消息人士指出，OpenAI正考慮最早在 2026年下半年 向證券監管機構提交上市申請。在初
步討論中，公司曾考慮籌集 600億美元以上 的資金，實際數額可能更高。這些人士同時
警告，談判仍屬早期階段，計畫內容——包括估值與時程——都可能因業務增長與市場狀
況而改變。
Chief Financial Officer Sarah Friar has told some associates the company is
aiming for a 2027 listing, the people said.
據消息人士透露，OpenAI財務長 莎拉·弗里爾（Sarah Friar） 曾向部分同事表示，公
司目標是在 2027年 正式掛牌上市。
心得/評論：
眾人期待已久的OpenAI IPO正在準備中
連ChatGPT都這麼說：
瘋狂程度：9/10。
這樣的估值屬於典型願景驅動型泡沫，
類似2000年網路泡沫時的未獲利即估兆。
然而，
若AI基礎建設（特別是能源與晶片）能快速擴張，
這個估值在長期（2030年代）也可能成真。
Sam Altman的戰略更像是用IPO當武器，
為AI主權與能源布局籌錢，而非單純追求股東回報。