Key Points
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OpenAI may list shares on the U.S. stock market as early as the fourth quarter of 2026, but investors can get exposure to the AI startup today.
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The Ark Venture Fund is heavily invested in private companies, including particularly large positions in SpaceX (17%), OpenAI (11%), and Anthropic (4%).
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Microsoft not only has a 27% equity stake in OpenAI, but also enjoys a revenue sharing agreement that entitles it to 20% of OpenAI’s sales through 2032.
OpenAI, the startup behind generative AI application ChatGPT, plans to hold its initial public offering (IPO) as early as the fourth quarter of this year. The company is currently valued at $852 billion and it’s growing at a phenomenal pace.
OpenAI says revenue skyrocketed 225% to $13 billion in 2025, and estimates sales will increase 130% to $30 billion in 2026. Those numbers give the company a very expensive valuation of 65 times sales. Nevertheless, the IPO is expected to be a blockbuster event with demand pouring in from all corners of the market.
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Investors who simply cannot wait until OpenAI lists its shares can get exposure in other (less direct) ways today. Here are two options, starting with the most risky and ending with the least risky.
A man dressed in a gray suit sits in front of a laptop computer.
Image source: Getty Images.
1. Ark Venture Fund
The Ark Venture Fund (NASDAQMUTFUND: ARKVX) is an actively managed interval fund that has capital invested in 68 public and private companies. However, 40% of its assets are concentrated in the five largest holdings, all of which are currently private. Those positions are, as listed by weight:
Beyond OpenAI, the Ark Venture Fund provides exposure to two more private companies that have cultivated tremendous followings: SpaceX and Anthropic. SpaceX is a rocket and satellite maker that recently acquired xAI, bringing its valuation of $1.25 trillion. Anthropic is a generative AI research company, best known for Claude and Cowork, that was recently valued at $380 billion.
The Ark Venture Fund has returned 151% since its inception in August 2022, outpacing the S&P 500 by 85 percentage points. Those gains were driven in large part by exposure to the three companies I just mentioned.
Importantly, while the Ark Venture Fund is a relatively easy way to get exposure to OpenAI ahead of its IPO, it comes with risks. First, it is heavily weighted toward private companies with premium valuations, which leaves room for substantial downside if sentiment shifts. Second, it is an interval fund, which means investors cannot sell shares at their discretion. Ark provides liquidity on quarterly basis by offering to repurchase shares.
Finally, the Ark Venture Fund is not widely available due to the restrictions I just mentioned. Retail investors can only buy shares through the SoFi Technologies and Titan platforms. Additionally, the fund has a high net expense ratio of 2.9%, meaning shareholders will pay $290 per year on ever $10,000 invested.
2. Microsoft
Since 2019, Microsoft (NASDAQ: MSFT) has invested $13 billion in OpenAI, securing a 27% stake in the start-up. OpenAI closed its latest funding round with a post-money valuation of $852 billion, meaning Microsoft’s stake is worth about $230 billion. But that sum should increase when OpenAI goes public, depending on how the company prices its IPO.
Beyond equity, the partnership also includes a revenue sharing agreement in which OpenAI will pay Microsoft 20% of its revenue through 2032, according to The Information. OpenAI’s latest projections show cumulative sales will total $675 billion from 2026 to 2030, and that figure could hit $1.5 trillion by 2032. That means Microsoft could collect as much as $300 billion in the next seven years.
So, Microsoft shareholders benefit from its dealings with OpenAI in two distinct ways: (1) Microsoft owns a $230 billion equity stake in OpenAI that will almost certainly be worth more following the IPO, and any increase in the valuation would hit Microsoft’s bottom line. (2) Microsoft is entitled to 20% of OpenAI’s sales through 2032, which could add $300 billion to its bottom line (pre-tax) in the years ahead.
Compared to the Ark Venture Fund, owning Microsoft stock is a less risky form of OpenAI exposure because Microsoft has growth prospects beyond its partnership with the start-up. Specifically, Microsoft has a strong competitive position in enterprise software and cloud computing. Wall Street estimates earnings will increase at 16% annually in the next three to five years, which makes its valuation of 27 times earnings look attractive.
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Trevor Jennewine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft. The Motley Fool has a disclosure policy.
