OpenAI Plans to File for IPO This Week, Valuation Over $1 Trillion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.SEPTEMBER LISTING:OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming for a blockbuster initial public offering as soon as September, Financial Times' George Hammond. The company has been laying the groundwork for an offering expected to value it at north of $1T, working with bankers at Morgan Stanleyand Goldman Sachsand lawyers at Cooley over the past few months, according to the report, citing people familiar with the matter. The group could file a draft IPO prospectus as early as Friday, starting the timer on a public listing for the autumn, FT added. That timing could shift depending on the market and on the performance of Elon Musk's SpaceX, which is expected to go public next month in the biggest listing of all time, the author notes.DEALMAKING IN AI INDUSTRY:Nvidiahas committed $90B to dealmaking in the AI industry over the past 16 months, Ryan McMorrow and Michael Acton of The Financial Times. The company committed $47B to investments in partnerships in the year to January 25 and designated an additional $43B in the four months since.BETS ON OPENAI:SoftBank Groupinvested billions in OpenAI last year, leading to some executives asking Masayoshi Son what would happen if ChatGPT ever failed, Min-Jeong Lee and Mayumi Negishi of Bloomberg. On multiple occasions, Son has dismissed such questions, often so bluntly that his lieutenants have stopped asking, people familiar with the conversations told Bloomberg. Recent breakthroughs by rival Anthropic, however, has raised doubts about OpenAI, with some SoftBank officials anxious over the ballooning commitment to the U.S. company.AI-NATIVE MODERNIZATION ON AZURE:Grid Dynamicsannounced an AI-native modernization service offering on Microsoft Azure, powered by its GAIN Platform for SDLC. The offering targets large enterprise clients running mission-critical, high-transaction-volume legacy environments. By tackling their biggest roadblocks-technical debt and legacy licensing costs-it addresses a market segment known for larger contracts and stronger margins. "The introduction of our GAIN Platform for SDLC on Microsoft Azure is a pivotal moment for enterprises looking to shed technical debt and achieve cloud-native agility. By leveraging our proven AI modernization frameworks with Azure's infrastructure, we are enabling mission-critical systems to not just migrate, but to fundamentally transform and modernize, unlocking massive innovation potential while driving down legacy costs," said Rahul Bindlish, SVP Global Partnerships and Marketing at Grid Dynamics.WHATSAPP ACCESS:Metahas offered EU regulators a proposal to allow rival AI chatbots, including OpenAI systems, free access to WhatsApp in Europe up to a usage threshold, after which Meta would begin charging fees, in an effort to address antitrust scrutiny from the European Commission over its messaging platform access policies, Reuters' Foo Yun Chee.
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Analyst Views on MS
Wall Street analysts forecast MS stock price to fall
14 Analyst Rating
7 Buy
7 Hold
0 Sell
Moderate Buy
Current: 222.100
Low
132.00
Averages
185.00
High
219.00
Current: 222.100
Low
132.00
Averages
185.00
High
219.00
About MS
Morgan Stanley is a global financial services company. The Company is engaged in providing a range of investment banking, securities, wealth management and investment management services. Its segments include Institutional Securities, Wealth Management and Investment Management. Its Institutional Securities segment provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Its Wealth Management segment provides an array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Its Investment Management segment provides a range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Its investment banking services consist of capital raising and financial advisory services, including the underwriting of debt and other products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Morgan Stanley Invests in 932 MW Power Project
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- Ownership Structure: Morgan Stanley and Pembina Pipeline Corporation will each hold a 47.5% stake in the Greenlight project, while Kineticor Asset Management retains the remaining 5%, facilitating effective project management and execution.
- Market Demand Response: The project is expected to provide long-term, reliable power to meet the growing electricity demand driven by artificial intelligence and data centers, further solidifying Morgan Stanley's position in critical infrastructure investments.
- Construction Management Advantage: Pembina will serve as the construction and operations manager, leveraging its local expertise in delivering large-scale infrastructure projects to ensure the efficient implementation and operation of the Greenlight project.
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- Significant Stock Price Increase: Following the positive stress test results, Bank of America's stock rose over 10% in June, reflecting market confidence in its financial health and enhancing its position in a competitive financial landscape.
- Launch of New Payment Product: Bank of America introduced a new cross-border real-time payments product designed for high-volume, low-value transfers, with P2P and B2C payment demand projected to grow by 58% and 132% by 2032, respectively, which will further enhance its market share.
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- Asset Value of Crinetics: Crinetics brings the drug PALSONIFY, the first approved once-daily oral therapy for adults with acromegaly, which is expected to fill a market gap; combined with other drugs, Crinetics' assets have a peak sales potential exceeding $5 billion annually.
- Financing Structure Analysis: The acquisition will be financed through a mix of cash and debt, with Vertex planning to utilize $4.5 billion in bridge financing alongside its $13 billion in cash and marketable securities, ensuring the feasibility of the acquisition without over-leveraging.
- Strategic Significance and Future Outlook: Although Vertex expects the deal to contribute to non-GAAP operating income only by 2029, this acquisition aligns with its strategy targeting serious diseases, addressing the company's diversification needs and signaling growth potential in new areas.
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- Acquisition Overview: Vertex has agreed to acquire Crinetics for $85 per share in cash, totaling approximately $10 billion in equity value, with the deal expected to close in Q3 2026, marking a significant expansion into a new disease area for Vertex.
- New Drug Assets: Crinetics brings PALSONIFY, the first and only once-daily oral therapy approved for acromegaly, which is expected to fill a market gap; combined with other candidates, these assets boast over $5 billion in peak sales potential.
- Financing Structure: The acquisition will be funded through a mix of cash on hand and debt, with Vertex securing $4.5 billion in bridge financing, while holding approximately $13 billion in cash and marketable securities, indicating strong financial health.
- Strategic Implications: This acquisition not only provides Vertex with a new growth engine to meet diversification needs but also aligns with its strategy of targeting serious diseases, with positive impacts on adjusted operating income anticipated by 2029.
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- Technological Innovation Potential: Analysts at Raymond James assert that the successful deployment of Starship will industrialize orbital transportation, potentially reducing launch costs to hundreds of dollars per kilogram, thereby advancing the broader space economy.
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- Investment Overview: Morgan Stanley Infrastructure Partners announces an investment in the 932-megawatt gas-fired combined cycle power generation project, Greenlight, located in Sturgeon County, Alberta, reflecting its strategic focus on North American electricity markets.
- Ownership Structure: Morgan Stanley and Pembina Pipeline Corporation will each hold a 47.5% stake in the Greenlight project, while Kineticor Asset Management retains the remaining 5%, facilitating effective project management and execution.
- Market Demand Response: The project is expected to provide long-term, reliable power to meet the growing electricity demand driven by artificial intelligence and data centers, further solidifying Morgan Stanley's position in critical infrastructure investments.
- Construction Management Advantage: Pembina will serve as the construction and operations manager, leveraging its local expertise in delivering large-scale infrastructure projects to ensure the efficient implementation and operation of the Greenlight project.
See More
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- Strong Stress Test Results: Bank of America excelled in the Fed's 2026 stress tests, being one of 32 financial institutions to pass, which led to a stock price increase of over 10% in June, instilling confidence in investors and indicating future dividend growth.
- Launch of New Payment Product: The bank introduced a new cross-border real-time payments product designed for high-volume, low-value transfers, with expectations that P2P payment demand will rise by 58% and B2C by 132% by 2032, potentially increasing the bank's market share.
- Dividend Growth Expectations: While Bank of America is cautious about announcing dividend increases, the market anticipates it will follow other major banks in raising dividends by at least 10%, which will enhance investor confidence and attract more capital inflows.
- Analyst Price Target Increases: Analysts from Morgan Stanley and Truist Securities raised their price targets for Bank of America to $67 and $64 respectively, both maintaining buy ratings, reflecting optimistic market expectations for the bank's future performance.
See More
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- Strong Stress Test Performance: Bank of America excelled in the Federal Reserve's 2026 stress tests, being one of the 32 financial institutions to pass, which is expected to lead to a dividend increase, further attracting investor interest.
- Significant Stock Price Increase: Following the positive stress test results, Bank of America's stock rose over 10% in June, reflecting market confidence in its financial health and enhancing its position in a competitive financial landscape.
- Launch of New Payment Product: Bank of America introduced a new cross-border real-time payments product designed for high-volume, low-value transfers, with P2P and B2C payment demand projected to grow by 58% and 132% by 2032, respectively, which will further enhance its market share.
- Analyst Price Target Increases: Analysts from Morgan Stanley and Truist Securities raised their price targets for Bank of America to $67 and $64, respectively, indicating a positive outlook on its future performance and reinforcing investor confidence.
See More
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- Acquisition Scale: Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals for $85 per share in cash, totaling approximately $10 billion, with the deal expected to close in Q3 2026, marking a significant step for Vertex into a new disease area.
- Asset Value of Crinetics: Crinetics brings the drug PALSONIFY, the first approved once-daily oral therapy for adults with acromegaly, which is expected to fill a market gap; combined with other drugs, Crinetics' assets have a peak sales potential exceeding $5 billion annually.
- Financing Structure Analysis: The acquisition will be financed through a mix of cash and debt, with Vertex planning to utilize $4.5 billion in bridge financing alongside its $13 billion in cash and marketable securities, ensuring the feasibility of the acquisition without over-leveraging.
- Strategic Significance and Future Outlook: Although Vertex expects the deal to contribute to non-GAAP operating income only by 2029, this acquisition aligns with its strategy targeting serious diseases, addressing the company's diversification needs and signaling growth potential in new areas.
See More
Vertex Acquires Crinetics for $85 Per Share in Cash
- Acquisition Overview: Vertex has agreed to acquire Crinetics for $85 per share in cash, totaling approximately $10 billion in equity value, with the deal expected to close in Q3 2026, marking a significant expansion into a new disease area for Vertex.
- New Drug Assets: Crinetics brings PALSONIFY, the first and only once-daily oral therapy approved for acromegaly, which is expected to fill a market gap; combined with other candidates, these assets boast over $5 billion in peak sales potential.
- Financing Structure: The acquisition will be funded through a mix of cash on hand and debt, with Vertex securing $4.5 billion in bridge financing, while holding approximately $13 billion in cash and marketable securities, indicating strong financial health.
- Strategic Implications: This acquisition not only provides Vertex with a new growth engine to meet diversification needs but also aligns with its strategy of targeting serious diseases, with positive impacts on adjusted operating income anticipated by 2029.
See More
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- Analysts' Optimistic Outlook: Deutsche Bank analysts describe SpaceX as 'the apex of civilizational ambition,' indicating strong confidence in the company's future role in shaping history and technological advancement.
- Market Capitalization: With a market cap of $2.1 trillion and a closing price of $160.42 per share on Monday, SpaceX's performance post-IPO reflects market approval, although MoffettNathanson remains pessimistic about its value over the next 12 months.
- Technological Innovation Potential: Analysts at Raymond James assert that the successful deployment of Starship will industrialize orbital transportation, potentially reducing launch costs to hundreds of dollars per kilogram, thereby advancing the broader space economy.
- Diversified Business Strategy: SpaceX's integration strategy across its three business segments—Space, Connectivity, and Artificial Intelligence—is expected to enhance its competitive edge in future markets, particularly as Starlink's user base has reached 12 million, becoming a significant revenue driver.
See More
