OpenAI Reportedly Pushes IPO to 2027, Focuses on $1 Trillion Valuation

OpenAI is stepping back from its aggressive 2026 IPO timeline. The ChatGPT maker is leaning toward a 2027 IPO, later than earlier expectations of a possible 2026 listing, according to the New York Times. CEO Sam Altman pushed advisers to secure a $1 trillion valuation at listing. That target is a steep climb from its last private funding round, which valued the company between $730 billion and $852 billion. The delay isn’t a retreat; it’s a calculated hold. OpenAI is choosing valuation over speed, and the market is taking notice

The $1 Trillion Floor: Altman’s Non-Negotiable Demand

Two paths were placed in front of OpenAI’s leadership. Advisers laid out two options: wait until 2027 and pursue the $1 trillion valuation, or accept a lower price for a faster late-2026 listing. The choice was quick.

Altman rejected the second path, telling executives that any reduction from the $1 trillion target was off the table. CFO Sarah Friar has told associates the 2027 timeline is what she has been advocating internally, citing OpenAI’s heavy cash burn and $600 billion in compute infrastructure commitments through 2030. 

• Last Private Valuation: $730 billion–$852 billion
• IPO Valuation Target: $1 trillion (CEO’s firm floor)
• Compute Commitments: $600 billion through 2030
• Polymarket 2026 IPO Odds: Below 30% (down from above 50%)

Revenue Strength vs. Mounting Losses: The Core Tension

OpenAI’s revenue story is explosive, but losses are equally dramatic. The company’s core metrics have been explosive, with revenue hitting a historic $2 billion per month.

However, the company’s net loss surged from $5 billion in 2024 to $39 billion last year, driven by heavy spending on AI model development and expanding compute capacity, according to audited financial figures. That divergence record revenue alongside record losses is exactly what makes the $1 trillion valuation argument a hard sell in volatile public markets

🚨BREAKING: OPENAI IPO DELAYED

Altman told everyone OpenAI is worth a TRILLION dollars

His own advisors warned him that retail investors aren’t buying it… gave him 2 options:

>wait until 2027 for $1T valuation
>or lower valuation for 2026 IPO

Altman: any valuation under $1… pic.twitter.com/bwcjU7ZExy

— NIK (@ns123abc) June 25, 2026

SpaceX’s IPO: The Cautionary Tale Reshaping OpenAI’s Timeline

OpenAI’s decision wasn’t made in a vacuum. SpaceX shattered records with its June 2026 IPO, raising over $85 billion and capturing a $1.77 trillion valuation at debut.

SpaceX shares opened at $150, surged past $225 within a week, then shed roughly 25%–30% from highs, trading near $153 as of June 25, 2026. That retracement made OpenAI executives reconsider whether going earlier at a lower valuation carried its own downside. With Altman’s $1 trillion floor in place, waiting became the only option.

Anthropic Moves to List First a Direct Consequence

OpenAI’s delay directly reshapes the AI IPO landscape. Anthropic filed its confidential S-1 with the SEC on June 1, targeting an October 2026 Nasdaq debut at a $965 billion valuation, with Goldman Sachs (NYSE: GS), JPMorgan (NYSE: JPM), and Morgan Stanley (NYSE: MS) as lead underwriters.

Banks told both OpenAI and Anthropic that whoever lists first will define the new industry. If OpenAI’s tilt to 2027 holds, Anthropic IPOs first.

Key stocks directly exposed to this AI IPO race:

• Microsoft (NASDAQ: MSFT) largest OpenAI backer; IPO delay extends valuation uncertainty
• SoftBank (TYO: 9984) key OpenAI investor; shares fell sharply on June 26 on delayed news
• NVIDIA (NASDAQ: NVDA) core compute infrastructure provider for both OpenAI and Anthropic
• Alphabet / Google (NASDAQ: GOOGL), Anthropic backer and direct OpenAI competitor

OpenAI’s 2027 IPO lean resets the entire AI listing calendar for 2026, handing Anthropic the first-mover advantage while Altman holds firm on his trillion-dollar terms.

Disclaimer

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