Key Points
OpenAI recently filed a confidential S-1, but it may be upward of a year before this AI start-up goes public.
There are several indirect ways to gain exposure to OpenAI, including popular tech stocks and mutual and closed-end funds.
Each indirect vehicle has its own set of trade-offs.
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OpenAI, the artificial intelligence (AI) company behind ChatGPT, has hopped on the initial public offering (IPO) bandwagon. Like Anthropic, the company behind Claude, it is also planning to start selling shares to the public, and it filed a confidential draft S-1 form with the Securities and Exchange Commission (SEC) on June 8.
While OpenAI filed its S-1 shortly after Anthropic’s, don’t assume it’s just a few months away from its public market debut. In light of the recent choppy price action following the IPO of Space Exploration Technologies (NASDAQ: SPCX), aka SpaceX, OpenAI is reportedly increasingly looking toward next year for its IPO.
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Yet while it could be well into 2027 before OpenAI goes public, investors don’t need to wait to get exposure to this hot AI start-up, recently valued at $852 billion.
Image source: Getty Images.
Several top tech stocks have stakes in OpenAI
OpenAI counts several publicly traded tech companies as major shareholders. The most famous of these is Microsoft (NASDAQ: MSFT), which invested $13 billion in OpenAI between 2019 and 2023. The software giant reportedly now holds a 27% stake, valued at around $230 billion based on OpenAI’s latest valuation.
Amazon is also an OpenAI investor. As of March 31, 2026, Amazon (NASDAQ: AMZN) held $15 billion in preferred stock and had committed to invest another $35 billion as part of a collaboration between OpenAI and Amazon’s AWS cloud computing unit.
Nvidia (NASDAQ: NVDA) is another of the “Magnificent Seven” stocks with OpenAI exposure. Similar to OpenAI’s deal with Amazon, Nvidia’s investment is part of a collaboration effort, where, alongside receiving capital from Nvidia, OpenAI has committed to purchasing hardware from the AI chipmaker. So far, Nvidia has invested $30 billion in OpenAI.
Alongside these U.S. tech giants, Japan’s Softbank (OTC: SFTBY) is another major investor. According to published reports, Softbank owns 13% of OpenAI following the latest funding round, and has already booked $45 billion in unrealized gains.
Another way in
The aforementioned tech stocks may be the best-known side doors into OpenAI, but in most cases, the OpenAI stake for them is a rounding error relative to each company’s overall value. For more concentrated exposure, investors can consider mutual funds or closed-end funds that hold a position in OpenAI.
These include the Ark Venture Fund (NASDAQMUTFUND: ARKVX) and Destiny 100 (NYSE: DXYZ). Ark Venture Fund, an actively managed closed-end interval fund managed by Cathie Wood’s asset management firm, Ark Invest, has just over $1 billion under management, with around 8.5% allocated to OpenAI stock. Destiny 100 is a closed-end fund that acquires an economic interest in privately held tech companies by either investing in funding rounds or purchasing shares in the secondary private market. Right now, Destiny 100’s OpenAI position makes up 5.8% of its portfolio.
While both funds offer greater exposure to OpenAI than one of the tech giants who have invested in it, each one comes with a hefty annual asset management fee and has rules investors have to follow.
Also keep in mind the underlying uncertainty. It’s far from a given that OpenAI will go public within the next year. And even if the company goes public, its shares could be volatile, as SpaceX’s have been post-IPO. Instead of rushing for indirect exposure, you may want to wait for the IPO and buy it directly.
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Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
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