In the autumn of 2026, OpenAI moved to raise capital at a valuation of $1.2 trillion — a figure that speaks less to what the company has built than to what the world believes artificial intelligence will become. The round, reported by the Financial Times, positions the firm ahead of a potential public offering, giving it the reserves and the narrative of strength that public markets reward. It is a moment that asks an old question in a new register: how do we price the future before it arrives?