Investing in AI before the IPO: OpenAI, Databricks, Replit and co.

Do you use ChatGPT or Claude almost every day and wonder how you could own a stake in the companies behind them? So far, most of them cannot be found on the stock exchange. As of 3 November 2026, OpenAI, Databricks and Replit are private companies, and Anthropic only made its IPO prospectus public at the end of October. If you want to invest in the best-known AI developers, you can therefore usually only get hold of their shares before an IPO. Regulated routes for private investors now exist for this.

Investing in AI before the IPO at a glance

• OpenAI, Databricks, Replit and Tenstorrent are private companies, and none of them has a freely tradable share.
• Anthropic filed its IPO prospectus with the US Securities and Exchange Commission (SEC) on 26 October 2026. The first trading day has not yet been set.
• According to CFO Sarah Friar, OpenAI aims to be listed in 2027, while Databricks has ruled out 2026.
• Traditional AI funds and AI ETFs mainly hold companies that are already listed.
• Through the ARK Private Innovation ELTIF, you can hold an indirect stake in OpenAI, Databricks, Replit and Tenstorrent.
• Risks: high valuations, uncertain IPO timing, capital tied up for years, losses up to and including total loss.

Why the big AI companies stay private for so long

Developing a large AI model costs billions for chips and data centres. In the past, a company with capital needs on this scale would probably have turned to the stock market. Today, AI firms raise such sums in private funding rounds from sovereign wealth funds, large asset managers and technology groups. OpenAI closed a round of 122 billion US dollars in the first quarter of 2026, and Databricks one of 5 billion US dollars in August 2026.

Staying private has further advantages for these companies. They do not have to publish quarterly figures, and no share price reacts to every piece of news. The timing of an IPO is also theirs to choose: Databricks CEO Ali Ghodsi considers 2026 a bad year for it because of the crowded calendar with SpaceX, Anthropic and OpenAI. To let employees turn their shares into cash anyway, some firms organise their own sale rounds in which investors take over these shares.

For you as an investor, this has one consequence. Part of these companies' growth in value can happen before their share is traded for the first time, and only investors who are already on board take part in it. Whether the valuation at the IPO ends up higher or lower than in the last private round remains open until the first trading day. In episode #65 of our podcast Diversify (in German), Robin and Hendrik discuss how an IPO works, from the confidential prospectus filed with the SEC to the lock-up period for early investors. Our article on pre-IPO investing gives an overview of the phase before the first trading day.

AI companies before the IPO: an overview of the candidates

Timelines and valuations at these companies often change within a few weeks. The following information is as of 3 November 2026.

OpenAI: IPO in 2027 under discussion

OpenAI develops ChatGPT and is one of the best-known AI companies in the world. In June 2026, the company confidentially filed an application for an IPO with the SEC. According to CNBC, CFO Sarah Friar told employees in August that OpenAI would be a listed company in 2027. CEO Sam Altman called the moment unfavourable for an IPO in September. In October, according to CNBC, OpenAI was negotiating a new funding round of up to 30 billion US dollars that would value the company at 1.25 trillion US dollars before the new money. You can read the current status in detail in our article on OpenAI stock. Anthropic publicly filed its IPO prospectus on 26 October 2026 but cannot be invested in through NAO. More on this in our article on Anthropic stock.

Databricks: data and AI for businesses

Databricks runs a platform on which companies bring their data together and build AI applications on top of it. In August 2026, the company raised 5 billion US dollars at a valuation of 190 billion US dollars. CEO Ali Ghodsi has ruled out an IPO in 2026 and intends to take Databricks public later. There is no public IPO prospectus so far. More on this in our article on Databricks stock.

Replit: building software from a description

Replit, based in San Francisco, runs a platform on which users write software directly in the browser. An AI agent builds applications there from a description in everyday language, including for people without programming skills. In March 2026, Replit raised 400 million US dollars at a valuation of 9 billion US dollars, around three times the figure of its round six months earlier. No date for an IPO is known.

Tenstorrent: chips for AI data centres

Tenstorrent develops processors for AI applications and aims to compete with the large chipmakers. The company is led by Jim Keller, who previously developed chips at AMD and Tesla, among others. In October 2026, Tenstorrent closed a funding round of 1.5 billion US dollars, after which the company is valued at 6.2 billion US dollars. Tenstorrent has not announced a date for a stock market listing.

Where the money is in AI

AI is built in several layers, and different companies earn money in each of them. Keeping these layers apart helps with your decision:

• Models: Companies such as OpenAI train the large language models that power assistants like ChatGPT. This costs a great deal of money, and competition is fierce.
• Chips and computing power: No AI model runs without specialised processors. Tenstorrent develops such chips, and Ayar Labs is working on connections that transmit data between chips using light.
• Data and software: Databricks makes companies' data usable for AI, and at Replit, software is created from a description in everyday language.
• Applications: Other companies use AI to build a specific product, for example Wayve with software for self-driving cars and Shield AI with autonomous systems for defence.

On the stock exchange, AI is mainly represented by chipmakers and large technology groups. Many developers of AI models and AI software are still private, and before an IPO you can only reach them through a private investment.

Routes for private investors: how you can invest in AI

As a private investor, you generally cannot buy individual shares in private AI companies directly. They change hands in funding rounds between the company and large investors, and the company has a say in who receives shares. That essentially leaves these routes:

• Listed AI funds and AI ETFs: They invest in companies that are already on the stock exchange, such as chipmakers and large software groups. As a rule, they do not hold private companies such as OpenAI or Databricks.
• Trading venues and tokens: There are also trading venues for private shares and digital securities on individual pre-IPO shares. Both mostly target large investors or carry risks of their own. You can read more in our article on pre-IPO investing.
• ELTIF: This European fund structure gives private investors access to private markets. The ELTIF 2.0 reform, in force since 10 January 2024, has made getting started considerably easier. Our overview of the ELTIF shows how an ELTIF is structured and when redemptions are possible.

With an AI ETF, you hold a stake in AI companies that are already listed. An ELTIF can additionally give you access to companies that have yet to take this step. Our article on public and private markets explains how the two markets differ.

Investing in AI through the ARK Private Innovation ELTIF

Through NAO, you can invest in the ARK Private Innovation ELTIF, hand-picked by our investment team like every fund in the NAO app. ARK Invest launched the fund in January 2026. It invests in private technology companies in late growth stages, including the AI companies OpenAI, Databricks, Replit and Tenstorrent, as well as SpaceX and Kalshi.

With your share, you hold a stake in a portfolio of private technology companies whose composition can change continuously. You do not acquire an individual OpenAI or Replit share this way. Investing is possible as a one-off payment or through a savings plan. A lock-up period applies until 26 February 2027, during which you cannot redeem your shares. After that, redemptions are possible on certain dates and may be limited. You will find the fund on our Private Equity page, and the fund documents and key information document are in the NAO app.

Valuation risks and other risks

The valuations of the large AI companies have risen sharply in a short time. Replit roughly tripled its valuation within six months, and Databricks is valued at around 27 times its annualised revenue. Such prices assume that the companies will continue to grow strongly for many years. Investing in AI before the IPO mainly involves these risks:

• Valuation: Private companies have no share price. A fund values its holdings based on funding rounds and models, and the price at the IPO can differ significantly from this, upwards or downwards.
• Costs and competition: Many AI companies currently spend more on computing power and development than they earn. Whether these investments pay off remains open.
• Timing: IPOs get postponed, as the case of OpenAI in 2026 shows, and some companies never go public.
• Capital lock-up: With the ARK Private Innovation ELTIF, your money is tied up until 26 February 2027. After that, redemptions are only possible on certain dates and may be limited.
• Concentration: A few large positions can shape the performance of such a fund, and their weights shift continuously.

What does this mean for you?

Many of the companies currently shaping AI are not yet listed. Anyone who only gets in at the IPO buys at the price the market sets on that day. Before you invest earlier, these questions can help:

• Which part of your assets will you definitely not need in the next few years?
• If you want to bet on a single company, waiting for its IPO is usually the only option. For a stake in several AI companies, a fund may be suitable.
• How are the lock-up and redemptions arranged for the fund of your choice? You will find the answers and the costs in the key information document.

Do you have questions about investing in AI companies before the IPO? Our customer service team is there for you personally on working days. Feel free to write to us.

FAQ

Can I invest in OpenAI before it goes public?

Not directly: as of 3 November 2026, OpenAI is a private company without a freely tradable share. You can hold an indirect stake through the ARK Private Innovation ELTIF, which holds OpenAI in its portfolio. More on this in our article on OpenAI stock.

What is an AI fund?

An AI fund invests in companies that develop artificial intelligence or earn money with it. Most AI funds and AI ETFs hold listed shares, and private companies such as OpenAI or Databricks are generally not included.

When will OpenAI and Databricks go public?

Neither company has a fixed date. According to CNBC, OpenAI CFO Sarah Friar has indicated 2027, while Databricks has ruled out an IPO in 2026 (as of 3 November 2026).

How risky is it to invest in AI before the IPO?

Very risky. Valuations are high, the timing of an IPO is uncertain, capital is tied up for years, and losses up to and including total loss are possible.

This article is for information purposes only and does not constitute investment advice. Investments in private markets are long-term, capital is tied up for the term, and losses up to and including total loss are possible. You will find the fund documents and the key information document in the NAO app.

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