OpenAI, the company behind ChatGPT, is valued at more than $850 billion by private investors and is working with Goldman Sachs and Morgan Stanley to prepare for a public listing. UK investors cannot buy OpenAI shares on the open market yet — but here is everything you need to know about how and when you will be able to, and how to get indirect exposure in the meantime.
OpenAI, the company behind ChatGPT, is valued at more than $850 billion by private investors and is working with Goldman Sachs and Morgan Stanley to prepare for a public listing. UK investors cannot buy OpenAI shares on the open market yet — but here is everything you need to know about how and when you will be able to, and how to get indirect exposure in the meantime.
Can UK investors buy OpenAI shares now?
No. OpenAI shares are not yet publicly listed. The company confidentially filed its S-1 on 22 May 2026 and is targeting a Q4 2026 public listing at a valuation between $852 billion and $1 trillion. Once listed on the Nasdaq, shares will be available through any standard UK brokerage with US market access — no accreditation required.
Be cautious of pre-IPO secondary market schemes. These carry significant additional risks, are often illiquid, and are not regulated in the same way as exchange-listed shares.
How to get indirect exposure to OpenAI now
While OpenAI remains private, there are three regulated routes to indirect exposure:
ARK ETFs (ARKK, ARKW, ARKF)
On 31 March 2026, ARK Invest bought approximately $240 million of OpenAI shares across these three funds, each now holding roughly a 3% OpenAI position — the first brokerage-accessible, no-accreditation path to indirect exposure. Note that buying an ARK ETF means tracking the entire portfolio, not OpenAI alone. View ETFs available on XTB →
Microsoft (MSFT)
Microsoft holds roughly a 27% stake in OpenAI, with its technology embedded across Copilot, Azure, and enterprise software. It is widely available on UK platforms and offers indirect exposure alongside a large, profitable enterprise business. View Shares on XTB
Nvidia (NVDA)
Nvidia is a $30 billion investor and OpenAI's primary GPU supplier, offering exposure to the compute infrastructure behind OpenAI's products.
How to buy OpenAI shares on IPO day
When OpenAI lists on the Nasdaq (expected ticker: OPENAI), here is the typical process for UK retail investors:
- IPO allocations go to institutions first. Shares are allocated to institutional investors during the roadshow. Retail investors typically access shares at or after the first day of trading.
- You need a brokerage account with US market access. XTB offers access to Nasdaq-listed US shares — you can open an account and be ready before the IPO date. Open an account →
- Watch the public S-1 amendment. Filed approximately 15 days before the roadshow, this is the first public look at audited financials. Read it before committing capital.
- Be aware of the lock-up period. A 180-day lock-up typically restricts insiders from selling after listing. When large tranches expire, selling pressure can weigh on the share price.
Key risks to be aware of
OpenAI remains heavily loss-making and does not expect to reach profitability until around 2030, with internal projections suggesting losses of $14 billion in 2026 alone.
Google's Gemini has grown its web traffic share from 5.7% to 21.5% in the past 12 months, while ChatGPT's share has dropped from 86.7% to 64.5% over the same period. Competition across AI is intensifying rapidly.
At a $1 trillion target valuation, OpenAI would be priced at roughly 40x forward revenue — well above any comparable listed software business. There is very little room for missteps at that multiple.
For more information on the IPO outlook, see: OpenAI IPO — What UK Investors Should Expect.
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