IPOs

Below is a collection of every IPOs article by The Information.
OpenAI CEO Sam Altman. Photo via Getty Images
IPOs

How OpenAI’s Web of Business Relationships Could Complicate Its IPO

By Cory Weinberg and Erin Woo · Jun 22, 2026 6:00am PDT
Few companies have gone public with books as unusual as OpenAI’s. At first glance, the company portrayed by the AI startup’s financial statements, reviewed by The Information, resembles a lean, low-debt software business. Its balance sheet, as at March 31, had zero debt and less than $750 million of lease liabilities. Its cash-flow statement,... Few companies have gone public with books as unusual as OpenAI’s. At first glance, the company...
Art by Mike Sullivan
IPOs

Fermi America IPO Is a Leap of Faith on Debt, Data Centers—and Trump

By Miles Kruppa · Oct 1, 2025 7:52am PDT · 2 comments
Fermi America has a grand plan: Assemble the largest data center complex ever, an Amarillo, Texas, facility that will suck up enough energy to power 8 million homes. Still, newly public Fermi is essentially asking investors to take a Texas-size leap of faith on a months-old business that could become the next topsy-turvy meme stock. Adding to... Fermi America has a grand plan: Assemble the largest data center complex ever, an Amarillo,...