This market will resolve to “Yes” if OpenAI or OpenAI Global, LLC, or any successor corporate entity representing OpenAI’s primary commercial operations becomes a publicly traded company through an Initial Public Offering (IPO) at any time after the initiation of this market and before January 1, 2027, 00:00 PST.

Otherwise, this market will resolve to “No.”

For the purposes of this market, an IPO requires:

• Shares of the company being first offered to the public, and

• The company becoming listed and actively tradable on a major U.S. or international stock exchange (e.g., NYSE, NASDAQ, LSE, HKEX).

The following do not qualify as an IPO:

• Rumors, announcements of intent, or filings without completed listing

• Private secondary sales of shares

• Token issuances or listings not representing equity

If no qualifying IPO occurs by the resolution deadline, the market will resolve to “No.”