OpenAI’s valuation surges 766% over the last two years

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Two years ago, OpenAI was worth roughly $100 billion. Today, its post-money valuation sits at $852 billion following a massive funding round that closed on March 31, 2026. That’s a 766% increase, the kind of number that makes even seasoned venture capitalists do a double-take.

The funding milestones that got here

OpenAI’s valuation trajectory reads like a hockey stick drawn by someone with a very steady hand. In early 2024, the company was valued in the $86 billion to $100 billion range. By October 2024, that figure had climbed to $157 billion.

Then came the real fireworks. A $122 billion funding round, one of the largest private capital raises in history, pushed the valuation to $852 billion by the end of March 2026.

The investors lining up weren’t exactly unknowns. Microsoft and Nvidia, both deeply embedded in the AI infrastructure stack, contributed to the momentum.

On the revenue side, OpenAI’s annualized run rate has been estimated between $24 billion and $40 billion as of mid-2026, with monthly revenues reportedly hitting around $2 billion earlier in the year. The company remains unprofitable at scale. OpenAI reportedly achieved a 17x increase in computing power over the same two-year window.

Secondary markets tell a different story

While the primary valuation from the March 2026 round pegged OpenAI at $852 billion, secondary market signals have been less enthusiastic. By September 2026, composite marks from secondary trading suggested an implied valuation closer to $475 billion. That’s a 44% discount to the primary round price.

OpenAI confidentially filed for an IPO in June 2026, with a potential public listing targeted for 2027. At the primary valuation, OpenAI trades at roughly 30x to 35x its revenue run rate.