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OpenAI thought to be preparing for $1tn stock market float

2 days ago
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OpenAI is reportedly gearing up for a stock market listing valuing the company at $1tn (£760bn) as soon as next year, in what would be one of the biggest ever initial public offerings.The developer behind the hit AI chatbot ChatGPT is considering whether to file for an IPO as soon as the second half of 2026, according to Reuters, which cited people familiar with the matter.The company is thought to be looking to raise at least $60bn.A stock market float would give OpenAI another route to raising cash, supporting ambitions by the chief executive, Sam Altman, to splash trillions of dollars on building datacentres and other forms of infrastructure needed for the rapid buildout of its chatbots.During a staff livestream on Tuesday, Altman was reported to have said: “I think it’s fair to say it [an IPO] is the most likely path for us, given the capital needs that we’ll have.

”An OpenAI spokesperson said: “An IPO is not our focus, so we could not possibly have set a date.We are building a durable business and advancing our mission so everyone benefits from AGI.”AGI stands for artificial general intelligence, which OpenAI defines as “highly autonomous systems that outperform humans at most economically valuable work”.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionOpenAI was founded as a nonprofit in 2015 with a mission to safely build AGI for humanity’s benefit.However, it completed a lengthy restructuring process this week that turned its main business into a for-profit corporation.

While it is still technically controlled by the non-profit entity, the move makes it easier for OpenAI to raise capital while also laying the groundwork for an IPO,The deal also gave Microsoft a stake of about 27% in the for-profit company, with OpenAI valued at $500bn under the terms of the deal,News of the restructuring helped push Microsoft’s valuation above $4tn for the first time,OpenAI reportedly posted revenue of $4,3bn in the first half of this year, with an operating loss of $7.

8bn, according to the tech news site the Information.The massive valuations will do nothing to allay fears that the AI industry is operating in a bubble.Officials at the Bank of England this month flagged the growing risk that tech stock prices pumped up by the AI boom could burst, saying equity markets were “particularly exposed should expectations around the impact of AI become less optimistic”.OpenAI’s chief financial officer, Sarah Friar, reportedly told colleagues that the company was aiming for a 2027 listing, according to the sources cited by Reuters, while some advisers said it could come the year before.
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Bridget Phillipson ‘ready to take on unions’ over year 8 reading tests

Bridget Phillipson has said she is ready to take on the unions in a battle over compulsory reading tests for 13-year-olds and more extracurricular activities for all children to prevent them becoming “stuck in a doom loop of detachment” from school.The education secretary said that teaching unions, who have argued the tests were “unnecessary and distracting”, should “really think carefully” about whether they could justify standing in the way of tackling the “shocking outcomes” that exist for many working-class children.In an interview with the Guardian, in which she said her deputy leadership campaign was “just the beginning” of her efforts to help secure Labour a second term, Phillipson warned that one in four children overall, and one in three disadvantaged children, don’t meet required literacy standards.In response to the curriculum and assessment review published next week, there will be a new mandatory reading test for year 8 pupils in an attempt to tackle underachievement by working-class children. Schools will also be expected to informally assess writing and maths

about 20 hours ago
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UK politics: Worries about immigration are ‘manufactured panic’ says charity as poll shows issue not a local concern – as it happened

Concern about immigration is a “manufactured panic”, a campaign group has said after polling suggested only a quarter of people think it is an important issue locally.As PA Media reports, a YouGov poll found only 26% of people said immigration and asylum was one of the three most important issues facing their community. This was half the 52% who said it was one of the biggest issues facing the country as a whole.These figures have been set out in a report published by the Best of Britain campaign group. It also shows that, while immigration comes second in the list of issues that people say matter nationally, it is only seventh in the list when people are asked about what matters in the places where they live

1 day ago
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Keir Starmer keeps Trumps’ silver necklace gift – for a price

Keir Starmer has paid to keep a personalised silver necklace given to him by Donald and Melania Trump, transparency records show.The necklace was the only gift Starmer chose to keep after he hosted the US president for a historic second state visit in September.The Trumps also gave the prime minister a golf club and a set of silver cufflinks, both personalised, but these were retained by the Cabinet Office. A pair of cowboy boots, given to Starmer’s wife, Victoria, by the Trumps has also been held by the department.Under government rules, ministers cannot keep official gifts worth more than £140 unless they pay the difference between £140 and the gift’s value

1 day ago
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‘Young Tories are fed up’: the students switching to Reform in big numbers

Last year’s freshers’ fair was a dismal time for Newcastle University’s Conservative society, with just six new students showing any interest in joining at the start of the autumn term.But this year’s event brought dozens of students showing up with renewed enthusiasm – after the Tory students merged with the Reform UK students, shrugging off a rebuke from Conservative party headquarters to do so.“Interest increased tenfold. I think we Conservatives were just becoming a bit irrelevant,” said Henry Bateson, a one-time Conservative student who switched to Reform UK and is now president of Newcastle’s merged Conservative and Reform UK society.Recent opinion polls suggest nearly half of Tory members would support a merger with Reform into a single party

1 day ago
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Zarah Sultana sets sights on replacing Labour and gaining power

The MP Zarah Sultana has said she hopes her new political party will ultimately replace Labour as she revealed she was committed to winning power.Sultana left the Labour party in July to form the new group, operating under the temporary name Your Party.Asked by Nick Robinson on his BBC podcast Political Thinking if she aimed with her new party to replace Labour, she said: “That’s the vision. We are the party of the left, and we have to build. And we’re starting from very humble beginnings

2 days ago
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UK launches search for ‘town of culture’ among places ‘written out of national story’

Too many places have been “written out of the national story”, the culture secretary, Lisa Nandy, said as she launched a search for the UK’s first “town of culture”.The town of culture designation comes after the success of the cities of culture programme, which has put Derry, Hull, Coventry and, this year, Bradford in the limelight for a year, boosting the local economy, tourism, civic pride and access to the arts, according to its supporters.The government said the first winning town would get £3.5m to help it develop a cultural programme in the summer of 2028.The competition for the 2029 UK city of culture has also opened, with the winner being promised £10m, the first time the government has put an upfront figure on its contribution

2 days ago
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Delivery firm DPD accused of ‘revenge’ sacking drivers who criticised pay cuts

about 12 hours ago
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The London consensus is a timely challenge to Trump’s isolationism | Phillip Inman

about 13 hours ago
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Knee-jerk corporate responses to data leaks protect brands like Qantas — but consumers are getting screwed

about 10 hours ago
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Ducking annoying: why has iPhone’s autocorrect function gone haywire?

about 21 hours ago
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World Series Game 7: Los Angeles Dodgers v Toronto Blue Jays – live

43 minutes ago
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Gezora wins Breeders’ Cup 2025 after Ethical Diamond’s triumph for Willie Mullins

about 4 hours ago