OpenAI could become the biggest AI IPO in history

OpenAI is reportedly filing a confidential S-1 filing, a step commonly taken before an IPO in the US, and although there has been no official announcement of the listing, this information has quickly attracted the attention of investors.

6/23/20263 min read

$ORBS and the rare opportunity to go public before the IPO.

Over the past few years, the market has seen hundreds of billions of dollars poured into GPUs, data centers, large-scale language models, and computing infrastructure. If OpenAI does indeed IPO in the near future, it could become an iconic listing for the entire AI industry, similar to the role Google or Facebook played in previous technology cycles.

Among the listed companies, Eightco Holdings Inc. (NASDAQ: ORBS) stands out due to its significant indirect exposure to OpenAI. The company holds approximately $90 million of OpenAI's equity through special purpose vehicles (SPVs). This position represents one of the highest levels of public exposure for any publicly traded company, recently reported at around 19-22% of ORBS's total assets (previous updates indicated up to ~30% depending on valuation and additional holdings). ORBS's portfolio also includes:

A significant stake in Worldcoin (WLD) (~8.4% of the circulating supply in some reports)
Investing in Beast Industries and other strategic assets, and possessing significant cash and stablecoin reserves.

The total amount held has fluctuated but was recently reported to be between $300 million and $470 million, positioning OpenAI as cornerstone of the company's thesis on artificial intelligence, digital identity, and the creative economy. This event not only reflects OpenAI's growing appeal but also suggests the global capital market is entering a new phase where AI could become the biggest narrative since the internet revolution.

Infrastructure for the AI era

For many years, one of the biggest problems for investors was the lack of access to OpenAI before its IPO. Therefore, any listed company that directly or indirectly owned shares in OpenAI had the potential to become a "proxy trade" for investors seeking to profit from AI growth.

What sets OpenAI apart from most tech startups is its growing role in the digital economy. OpenAI's AI models are now being used in search, programming, education, business, and process automation… Instead of just a software company, OpenAI is gradually becoming a computing infrastructure serving hundreds of millions of users globally. That's also why investors are particularly interested in any signals related to its IPO plans. If OpenAI goes public, the market will have the opportunity to directly value one of the most important businesses in the current AI revolution.

ORBS becomes a major shareholder.

The fact that this investment represents approximately 19% of ORBS's total budget shows that OpenAI is playing a very important role in the company's investment story. If OpenAI's valuation continues to increase in the future, ORBS could become one of the most sought-after indirect investment vehicles in the market.

ORBS offers one of the few (and arguably most centralized) public trading methods for individual investors to indirectly access OpenAI ahead of a potential IPO. Direct OpenAI shares are not yet available to most individual investors.

While the potential returns from a successful OpenAI IPO could be substantial, the high proportion in a single private asset carries significant volatility and liquidity risks. The SPV structure could also involve complexities in governance, valuation, and divestment.

OpenAI's filing follows Anthropic's secret S-1 filing and reflects broader momentum in the field. A successful OpenAI listing could be one of the biggest tech IPOs in years, with significant implications for valuation standards across AI companies.

The impact on the overall market is significant.

OpenAI's confidential S-1 filing is a landmark event, officially kicking off the anticipated wave of IPOs by major AI companies. While the timing remains uncertain, this filing gives the company more options and begins the legal preparation process.

OpenAI's move demonstrates confidence in the company's direction while maintaining flexibility. The company emphasized that some strategic initiatives may be easier to implement when conducted privately. For investors, this confidential filing initiates the SEC review process without immediately disclosing financial details.

For ORBS shareholders, this stock offers an opportunity to profit from the success (and risks) of OpenAI. However, as a Nasdaq-listed company with a small capitalization and a concentrated portfolio, it has higher volatility than broad-market or pure AI ETFs. The company has positioned itself as a "3-in-1" tool combining AI, digital identity (Worldcoin), and the innovation economy.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrencies. This is not financial or investment advice at all. Every investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The opinion in the article does not represent the official position of the platform. We recommend that readers do their own research and consult experts before making any investment decisions.

Synthesized and analyzed by HCCVenture

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