Can You Buy OpenAI Stock in Singapore?

To give you a quick answer: OpenAI is not publicly listed, so you cannot purchase its shares on a stock exchange.

However, accredited investors might access OpenAI shares through certain pre-IPO marketplaces. Some publicly traded funds also have indirect exposure to OpenAI. Furthermore, one of OpenAI's key partners is a major technology company that is open to all investors. For those interested in AI or tech stocks, staying informed about OpenAI's activities can be beneficial.

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OpenAI is an artificial intelligence research organisation based in California, led by tech entrepreneur Sam Altman. It develops the generative pre-trained transformer (GPT) AI models that power popular AI applications like ChatGPT, DALL-E, and Sora.

According to its charter, OpenAI's mission is to 'ensure that artificial general intelligence (AGI) benefits all of humanity¹.'

The organisation is widely recognised as a leader in AI development. It also plays a significant role in AI safety — the study and practice of preventing conflict between AI and humans — though its approach to AI safety has sparked debate.

As mentioned earlier, you can't directly purchase OpenAI stock through a typical stock brokerage account because it's not a publicly listed company.

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OpenAI has a unique structure, comprising a non-profit entity (OpenAI, Inc.) and a for-profit company (OpenAI Global, LLC) owned by the non-profit². The non-profit, OpenAI, Inc., is governed by a board of directors with expertise in technology and economics, and focuses developing AI in a safe and ethical manner.

OpenAI employees hold equity in the for-profit company, OpenAI Global, which owns the rights to OpenAI's AI models and generates revenue by licensing them to users.

OpenAI Global's profit margins are 'capped' at 100 times the initial investment in a project, which allows it to operate as a for-profit subsidiary of the non-profit OpenAI, Inc.

In September 2024, reports indicated that OpenAI might soon restructure into a for-profit corporation and eliminate non-profit control. The timeline for this change, or whether it will occur at all, remains uncertain.

However, OpenAI shares have become accessible on certain private marketplaces to accredited investors. Here are some marketplaces offering OpenAI equity to accredited investors:

• Ace Management Partners

• Hiive

• Forge Global

• Upmarket

• Nasdaq Private Market

• EquityZen

• Zorion

Even for those meeting the wealth criteria for private OpenAI share purchases, it's important to recognise that these investments are likely expensive, complex, and carry significant risk due to illiquidity. Pre-IPO equity marketplaces are known for their illiquidity; there's no continuous flow of buy and sell orders like on major stock exchanges, resulting in fewer transactions and slower price adjustments.

Typically, shares in non-public companies are very long-term investments. OpenAI investors may only be able to sell their shares if OpenAI abandons its partial non-profit structure and undergoes an initial public offering (IPO), and the timing of this event is highly uncertain.

Another avenue for gaining some exposure to OpenAI equity exists, and it's generally accessible to all investors, not just accredited ones: certain publicly traded funds, such as Thrive Capital, Ark Venture Fund, SuRo Capital, and Fundrise Innovation Fund.

However, some caveats apply. These funds typically invest in a range of non-public companies, not exclusively OpenAI. Also, some are interval funds, meaning investors can only buy or sell shares on specific dates (e.g., quarterly, semi-annually, or annually).

If you're considering investing in OpenAI through a fund, carefully review the fund's details to understand its actual OpenAI exposure and any restrictions on buying or selling shares.

For investors seeking to invest in a company with a significant connection to OpenAI, Microsoft (MSFT) is the primary option, having invested US$1 billion in the organisation.

While Amazon (AMZN) and Infosys (INFY) also made initial donations to OpenAI, their ongoing involvement is reportedly limited.

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In contrast, Microsoft has steadily strengthened its relationship with OpenAI. In January 2023, Microsoft announced an additional US$10 billion investment in OpenAI — roughly one-third of OpenAI's market capitalisation at that time. Microsoft has also revealed plans to integrate AI technology developed by OpenAI into its Bing search engine, Edge web browser, and various other products.

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OpenAI isn't a company like, for example, Apple – its shares aren't available for purchase on a regular stock exchange – but it still draws significant investor attention. Any developments by OpenAI are likely to affect the share prices of other companies in the industry. 

It's a leading developer of AI globally, central to discussions about AI safety and the potential form of beneficial artificial general intelligence (AGI). Furthermore, its valuation reaches into the hundreds of billions of dollars. 

Currently, direct investment in OpenAI is generally limited to accredited investors. Indirect investment options include Microsoft and specific investment funds. However, this investment landscape could evolve if OpenAI shifts its structure further away from non-profit and proceeds with an initial public offering (IPO). 

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At the time of publication, neither the author nor the editor held any financial interest in the aforementioned investments.