OpenAI delays IPO to 2027 aiming for $1 trillion valuation

OpenAI is reportedly postponing its initial public offering until 2027 to pursue a $1 trillion valuation, a move driven by Wall Street’s caution after SpaceX’s turbulent debut and the company’s own massive losses despite rising revenue [1].

Why the delay matters

The New York Times report that OpenAI’s leadership—CEO Sam Altman and CFO Sarah Friar—has rejected a lower valuation, insisting that a $1 trillion price is a “non‑starter” if reduced [1]. Bankers gave the company two options: launch this year at a lower figure or wait until 2027 for the trillion‑dollar goal. The decision reflects heightened investor wariness after SpaceX’s record‑breaking IPO in June 2026, which saw its share price swing from a 67 % rise to a 24 % drop within three trading days [1]. Advisors warn that such volatility could dampen enthusiasm for another mega‑tech listing.

Financial backdrop and competitive pressure

OpenAI’s audited accounts show a $38.5 billion net loss in the last year, driven largely by $34 billion spent on computing infrastructure, R&D, and corporate restructuring [1]. Yet revenue grew to about $13 billion in 2025, with monthly inflows around $2 billion, and the firm aims to triple 2025 revenue this year [1]. Meanwhile, rival Anthropic is also eyeing a public listing, with both firms racing to be the first successful AI IPO. Analysts note that the outcome of whichever company lists first could set the market tone for the other [2].

External factors influencing the timeline

The U.S. government’s recent request for OpenAI to slow the rollout of its next‑generation model, GPT‑5.6, adds another layer of uncertainty. The administration invoked an executive order to allow a 30‑day review of advanced AI models for cybersecurity concerns, prompting OpenAI to shift to a limited preview for select partners [1]. While unrelated to the IPO schedule, a slower model launch could postpone revenue growth from the newest technology.

What to watch

• SpaceX stock performance – Continued volatility could reinforce investor hesitancy toward large AI IPOs.
• Anthropic’s filing status – A successful Anthropic IPO before OpenAI could pressure the latter to accelerate or adjust its valuation target.
• Regulatory reviews of GPT‑5.6 – Any extension of the 30‑day review could impact OpenAI’s revenue timeline and market perception.

OpenAI’s choice to delay underscores the tension between ambitious valuation goals and the reality of deep losses in a cautious market, leaving the ultimate timing and pricing of its public debut still open.