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

As OpenAI is pushed to an $830 billion valuation in the private market, a sharp question arises: On the same AI track, why does Google command less than half the revenue multiple in the secondary market?

This Thursday, the Nasdaq Index fell by 0.4%, with continued selling pressure on tech stocks. This may seem like an uneventful day in February 2026, but beneath the surface, a strong sense of division is brewing: Investors’ anxiety over AI disrupting existing giants continues to suppress the stock prices of industry leaders like Google; meanwhile, unlisted AI leaders such as OpenAI are raising funds at valuations that are constantly stretching the imagination.

Tech media The Information analyst Martin Peers analyzes that if investors recognize OpenAI’s $830 billion valuation, then logically, this should be positive for Google.

According to S&P Global Market Intelligence, at $830 billion, ChatGPT creator OpenAI is valued at 14 times its projected 2027 revenue. By comparison, Google is currently trading at only 6.7 times its projected 2027 revenue.

From a multiples arithmetic perspective, this means that if Google were measured by the same “2027 revenue multiple,” its valuation multiple would need to be nearly 2.1 times its current level to match OpenAI (14/6.7≈2.1). It’s important to note that this is just an analogy of “valuation scale.”

Despite Google’s recent performance outpacing other tech giants, its stock price remains down year-to-date.

The market’s bullish logic for OpenAI lies in its “high growth premium”—as a still-developing business entity, its revenue is expected to explode in the coming years. While this is a reasonable view, investors seem to be overlooking two key facts:

1. The profitability gap: OpenAI is currently incurring heavy losses, and is expected to continue burning cash for the next several years. Whether it can ultimately turn a profit remains unknown.

2. Comparing moats: Google possesses virtually all the technical capabilities that OpenAI has in AI (except for the constant management drama), and Google owns extremely mature, money-printing businesses that OpenAI does not.

As analyst Martin Peers put it: “Who would you bet on?”

The Forgotten Giant Dividend?

Amid the wave of investors rushing to flee tech stocks, an obvious trend is being overlooked: Some giants will become even richer and stronger during the AI transformation. In Peers’ view, Google clearly belongs to this category.

“Some companies will become stronger and richer after the AI transformation. Google will clearly be among them.”

In addition, Microsoft, which holds a 27% stake in OpenAI, as well as cloud services giant Amazon, both have the potential to become winners.

Although the stock performance of these two companies over the past year has left investors hesitant, the current valuation gap may be an opportunity for independent thinking.

For the market, Peers’ core point is not to provide a single answer to “how much is Google worth,” but to highlight two main lines of the current valuation system: one is the high-multiple “growth bet” represented by OpenAI, and the other is the “cash flow and certainty discount” represented by Google. How the two will be rebalanced depends on how quickly the market reprices AI commercialization paths and competitive dynamics.