Ventuals

How to Buy OpenAI Stock Before the IPO

OpenAI shares aren't on any exchange yet. Here are three ways to get exposure before the IPO — from secondary markets to perpetual futures.

By Emily Hsia·Updated

Sam Altman alongside a smartphone displaying ChatGPT — an editorial collage on OpenAI pre-IPO investing

OpenAI is reportedly targeting an IPO in late 2026, with a valuation near $852 billion. If you want exposure before shares start trading publicly, you have three main paths — each with different trade-offs around access, cost, and what you actually end up holding.

Can you buy OpenAI stock right now?

Not through a regular brokerage account. OpenAI is still a private company, which means its shares do not trade on any public exchange. You cannot open Fidelity or Schwab and place an order.

That said, there are ways to get exposure to OpenAI before the IPO. The options depend on your investor status and what kind of exposure you are looking for — actual ownership or price exposure.

Secondary markets (accredited investors only)

The most direct way to buy OpenAI shares before the IPO is through secondary markets — platforms where existing shareholders (employees, early investors) sell their vested stock to new buyers.

Platforms like EquityZen, Forge Global, and Hiive facilitate these transactions. But there are significant barriers:

  • Accreditation required. You must be an accredited investor — generally meaning $200k+ annual income or $1M+ net worth (excluding your primary residence).
  • High minimums. Most secondary deals for OpenAI start at $25,000 to $100,000 or more.
  • Transfer restrictions. OpenAI has historically imposed restrictions on secondary sales, including rights of first refusal and board approval requirements.
  • Fees and markups. Platforms charge transaction fees (typically 5-10%), and shares often trade at a premium to the last funding-round price.

If you meet the requirements and can tolerate the friction, this is the path to actual share ownership. But for most people, it is not realistic. For more on who qualifies to invest before an IPO, see our detailed breakdown.

Funds and public companies with OpenAI exposure

If you do not meet accreditation requirements — or prefer not to deal with secondary-market friction — you can get indirect exposure through funds and public companies that already hold OpenAI equity.

VehicleOpenAI exposureMinimumOpen to retail?
Microsoft (MSFT)~27% ownership stake1 share (~$450)Yes
Fundrise Innovation Fund~10% of assets$10Yes
ARK Venture Fund (ARKVX)Small allocationVaries by brokerYes (interval fund — limited liquidity)

Microsoft is the largest single route to indirect OpenAI exposure. After investing over $13 billion in OpenAI, Microsoft holds roughly 27% of the company. But when you buy Microsoft stock, you are buying a $3 trillion+ conglomerate — OpenAI is a meaningful but still partial component of its value.

The fund options offer more targeted exposure, but come with management fees and, in the case of ARK Venture, limited redemption windows.

None of these paths give you direct OpenAI price exposure. Your returns are shaped by the fund's other holdings or the public company's overall performance.

Price exposure through perpetual futures

A newer option lets you get direct price exposure to OpenAI without buying shares at all.

Platforms like Ventuals offer perpetual futures that track OpenAI's implied valuation. You can go long (bet the valuation rises) or short (bet it falls), enter and exit at any time, and start with as little as $10.

How it works in practice:

  • OpenAI is trading at an implied valuation of $852 billion on Ventuals
  • You open a $100 long position
  • If the valuation rises 20% to ~$1 trillion, your position is up roughly $20
  • If it drops 20%, you are down roughly $20
  • You can close your position at any time

What makes this different from the other paths:

  • No accreditation required — anyone can participate
  • No minimums barrier — start with as little as $10
  • Direct price tracking — your position moves with OpenAI's valuation, not a fund's blended portfolio
  • Full liquidity — enter and exit whenever you want

The trade-off is that you do not own shares and have no shareholder rights. For a deeper comparison, see our guide on ownership vs. price exposure.

Which path is right for you?

Secondary sharesFunds / public cos.Perpetual futures
What you holdActual OpenAI sharesFund units or public stockA price-tracking position
Accreditation requiredYesNoNo
Minimum investment$25k–$100k+$10–$450~$10
OpenAI-specific exposureDirectDilutedDirect
LiquidityLow (weeks to settle)Medium to highHigh (close anytime)
Ownership rightsYesNoNo

For most people — especially those who are not accredited investors — price exposure through perpetual futures is the most accessible way to participate in OpenAI's trajectory before the IPO. It does not replace ownership for those who qualify and want it, but it fills a gap that the traditional paths leave open. For a broader look at all the ways to invest in private companies, see our complete guide.

The bottom line

OpenAI is heading toward a public listing, but you do not have to wait. Secondary markets offer actual shares if you are accredited and can meet the minimums. Funds and public companies offer diluted indirect exposure. And perpetual futures on Ventuals offer direct OpenAI price exposure to anyone, starting at $10, with full liquidity.

Ready to get exposure to OpenAI before the IPO? Start on Ventuals

This article is for general informational purposes only and is not financial advice. It is not a recommendation or offer to buy, sell, or invest in any security, asset, or product. Always do your own research and consult qualified professional advisors before making investment decisions.

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