OpenAI is considering delaying its initial public offering until 2027 as advisers question whether current market conditions can support a $1 trillion valuation. The ChatGPT developer had explored a listing in the third or fourth quarter of 2026 after filing confidential paperwork with the US Securities and Exchange Commission.
The possible change follows sharp swings in technology shares. SpaceX’s stock has fallen from its post-IPO high, raising doubts about investor demand for technology offerings with very high valuations.
OpenAI hired bankers and legal advisers to prepare for a possible public listing later this year. Chief Executive Sam Altman reportedly asked the team to build a path toward a $1 trillion market value, above OpenAI’s latest private valuation of about $852 billion.
However, advisers warned that the public market ‘may not show enough enthusiasm’ for the deal under current conditions. They reportedly presented two options: wait until 2027 and seek the full valuation, or move faster in 2026 at a lower price. Altman described a valuation cut as a ‘nonstarter,’ according to a person familiar with the talks.
OpenAI confirmed that it filed confidential IPO documents but said it had ‘not committed to a timeline.’ Earlier reports pointed to a possible September listing. Timing now depends on market stability, investor demand, and the company’s finances.
OpenAI generated about $13 billion in revenue last year while recording a net loss of roughly $21 billion, based on figures cited in the reports. The company expects heavy spending on computing systems, chips, data centers, and hardware through 2030.
Chief Financial Officer Sarah Friar has reportedly raised concerns about whether OpenAI is ready for public reporting demands. Listed companies must provide regular financial statements, risk disclosures and guidance on costs and revenue. OpenAI’s growth has lifted sales, but its spending plans have also raised questions.
Meanwhile, the company is seeking more income sources. It has tested advertising inside ChatGPT and explored commerce partnerships with Shopify and Stripe. It has also reduced spending on some loss-making projects, including parts of its Sora video business, as management reviews costs and revenue targets.
SpaceX went public on June 12 in a record offering that raised more than $85 billion. Its shares later climbed above $225 before the stock fell to about $153 on Thursday. The drop followed the initial buying surge and showed how quickly investors can reassess a company after a major debut.
The decline has become a key reference point for OpenAI’s advisers. A strong first trading day does not guarantee stable support at a high valuation. Broader weakness in technology stocks has also made investors more cautious about companies that require large amounts of capital.
Anthropic is also preparing for a possible public offering after filing confidentially in June. It recently raised funds at a reported valuation of $965 billion. Discord, Kraken, Strava, and Oura have also filed confidential documents, creating a crowded IPO pipeline.
OpenAI has not announced a final decision. The company could still list in late 2026, accept a lower valuation or wait until 2027. Any updated timetable will depend on financial results, spending plans, market conditions and investor support for the $1 trillion target.
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