OpenAI leans toward a 2027 IPO as Altman holds firm on $1T

OpenAI is leaning toward pushing its public listing from late 2026 into 2027, according to reporting, as CEO Sam Altman holds out for a valuation of as much as $1 trillion.

Key points

• Advisers reportedly offered two options: wait until 2027 for a $1T valuation, or list sooner at a lower price.
• Altman called any cut to the trillion-dollar target a “nonstarter,” per people in contact with him.
• The rethink follows a cool reception for SpaceX’s record IPO and a broader slide in tech shares.
• OpenAI was last valued at $852 billion and confidentially filed for an IPO on June 8.

The tradeoff

The question is whether public markets can absorb several trillion-dollar AI floats in quick succession. SpaceX went first, and the early read was not encouraging. OpenAI’s bankers had eyed a third or fourth quarter listing, but advisers warned demand might fall short while sentiment is weak. The reported decision moves the date rather than the price.

What to watch

A delay would give OpenAI more time to strengthen its financials and make the case that its growth can justify one of the largest valuations ever sought at listing. It also hands rival Anthropic, which filed confidentially a week earlier, a chance to reach public investors first.

None of this changes what investors can do today. OpenAI remains private, so the nearest exposure is through proxies like Microsoft and Nvidia. Track milestones on our IPO page.