OpenAI IPO: A Different Kind of Opportunity

This Isn’t Just Another AI Story

There’s a pattern in markets when something new starts to scale quickly. At first, it looks like a trend. Then it becomes a category. Eventually, it becomes part of how people operate.

ChatGPT is already in that third phase.

It is not just growing. It is becoming infrastructure.

• Hundreds of millions of people are using it regularly
• It reached that scale in a very short period of time
• It is being used across writing, coding, research, and daily tasks

That is not a typical product curve. It is closer to what you see when a platform takes hold.

A Brief Background on OpenAI

OpenAI was founded in 2015 as a research-driven organization focused on artificial intelligence. Over time, it has shifted toward building widely used products, with ChatGPT becoming its most recognizable and impactful release.

Under Sam Altman, the company has moved quickly from experimentation to real-world application. What makes this notable is not just the technology itself, but how quickly it has been adopted across different industries and user groups.

That transition from research to utility is what puts OpenAI in a different category from many earlier AI efforts.

OpenAI was founded in 2015 as a research-driven organization focused on artificial intelligence. Over time, it has shifted toward building widely used products, with ChatGPT becoming its most recognizable and impactful release.

Under Sam Altman, the company has moved quickly from experimentation to real-world application. What makes this notable is not just the technology itself, but how quickly it has been adopted across different industries and user groups.

That transition from research to utility is what puts OpenAI in a different category from many earlier AI efforts.

Why This IPO Would Stand Out

Most investors already have exposure to AI, but it is largely indirect.

They own companies like:

• Microsoft
• NVIDIA
• Google

Those companies benefit from AI, but they are not the primary interface where people are actually using it.

OpenAI is the product.
More importantly, it is the default product.

When people ask, “How did you find that?”
The answer is not Claude. It is not Gemini.
It is ChatGPT.

That distinction matters more than model comparisons or feature lists.

What’s Actually Happening Under the Surface

ChatGPT is not just another software tool competing on features.

It is:

• replacing parts of search behavior
• replacing early-stage research
• replacing portions of writing, coding, and analysis

And it is doing this across a wide range of users at the same time.

Adoption is not just growing. It is spreading.

That is usually the point where valuation becomes harder to anchor to traditional metrics.

AI Growth in Context

This progression shows how quickly the market has moved from infrastructure to application. OpenAI would represent the next step in that shift.

So… Is OpenAI a Buy at IPO?

The short answer is yes, with context.

This is likely one of those IPOs where waiting for a more comfortable price can become the bigger risk.

Because the real question is not whether the valuation looks full on day one. It is whether the market is still underestimating how central this product has become.

When companies sit at the center of a shift like this, pricing does not always move in a steady or predictable way. It tends to adjust quickly as adoption becomes more visible.

That does not remove risk, but it changes how that risk should be evaluated.

How We’re Actually Playing It

We are not treating this as a standalone trade. We are treating it as a rotation.

Most investors already have exposure to AI. The question is whether it is the right type of exposure.

So we are:

• trimming portions of Google
• reducing some exposure to NVIDIA after its run
• lightening positions in Microsoft

And preparing to reallocate toward OpenAI when it becomes available.

The reasoning is straightforward.

Those companies are still strong AI plays, but ChatGPT is the product people actually use.
OpenAI is clearly ahead when it comes to adoption.

Where OpenAI Fits vs Current AI Exposure

This is why the IPO matters.

It gives investors access to the part of AI that people are actually using, not just the systems supporting it.

What If There Is an AI Bubble?

This is a fair concern, and it should be considered.

If there is a pullback, it will likely affect the entire space, including OpenAI. But short-term volatility does not necessarily change long-term outcomes.

The more important factor is whether usage continues.

Even in a weaker market environment, if adoption keeps expanding, the underlying trajectory remains intact. That has been true in past cycles, and there is little reason to think this one will be different.

The Bigger Picture

This is not about assuming everything will play out perfectly. It is about recognizing when something is already happening at scale.

OpenAI is not just part of the AI trend. It is one of the main ways people are interacting with it.

That alone makes it worth serious consideration if and when it becomes available to public investors.

What Comes Next

As more details emerge around timing and valuation, we will refine how we approach the opportunity.

We are also watching other potential IPOs, such as SpaceX (which includes Starlink and xAI), that present a different type of long-term growth story.

For now, the focus remains on understanding where the current shift is happening and how to position for it.

Stay Positioned for What’s Developing

The goal is not to react after the move, but to be prepared for it. At Michael Leslie Investments, we help investors evaluate major shifts and position portfolios accordingly.

Contact Michael Leslie Investments today to discuss how opportunities like OpenAI may fit into your strategy.