If OpenAI is valued at $830 billion, how much should Google be worth?

OpenAI was pushed to a valuation of $830 billion by the private equity market, raising a sharp question: on the same AI track, why does Google receive less than half the revenue multiple valuation in the secondary market? On Thursday this week, the Nasdaq Index fell by 0.4%, with sustained selling pressure on tech stocks. It might seem like an ordinary day in February 2026, but beneath the surface the market is experiencing a dramatic split: investor anxiety over AI disrupting existing giants persists, continuously suppressing the stock prices of leaders like Google; meanwhile, unlisted AI leaders like OpenAI are raising funds at ever-higher valuations. Martin Peers, an analyst at tech media The Information, analyzes that if investors accept OpenAI's $830 billion valuation, logically speaking this should be a positive for Google. According to S&P Global Market Intelligence, at $830 billion, OpenAI—the creator of ChatGPT—has a valuation that is 14 times its projected revenue for 2027. In contrast, Google's current trading price is only 6.7 times its projected 2027 revenue. In terms of multiples arithmetic, this means that if the same “2027 revenue multiple” is used as a yardstick, Google’s corresponding valuation multiple would need to be approximately 2.1 times its current level to align (14/6.7 ≈ 2.1). Note this is simply an analogy of “pricing scale.” Despite Google’s recent performance being better than other tech giants, its stock price is still in decline since the beginning of the year. Market optimism toward OpenAI is based on the “high growth premium”—as a business still under construction, its income is expected to grow explosively in the coming years. This is indeed a reasonable point, but investors seem to overlook two key facts: 1. Profitability gap: OpenAI currently suffers heavy losses, and is expected to continue burning cash for several years. Whether it can eventually turn profitable remains unknown. 2. Moat comparison: Google possesses almost all of OpenAI's technical capabilities in AI (except for ongoing management drama), and has exceptionally mature, cash-generating businesses that OpenAI lacks. As analyst Martin Peers put it: "Who would you rather bet on?" Forgotten Giant Dividends? In the rush among investors to flee tech stocks, an obvious trend is being ignored: some giants will become wealthier and stronger through the AI transition. In Peers’ view, Google clearly belongs to this category. “Some companies will become stronger and richer after the AI transition. Google will clearly be among them.” Additionally, Microsoft—which holds a 27% stake in OpenAI—and cloud service leader Amazon, also have the potential to be winners. Despite hesitation around the stock performance of these two companies over the past year, the current valuation gap may well be an opportunity for independent thinking. For the market, Peers’ core point is not to provide a “how much should Google be worth” singular answer, but to highlight two main valuation tracks: one is the high multiple “growth bet” represented by OpenAI, and the other is Google’s “cash flow and certainty discount.” How these will be rebalanced depends on how quickly the market reprices the AI commercialization path and competition landscape. Risk warning and disclaimer The market carries risks; investments must be made cautiously. This text does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this is at one’s own risk.