OpenAI is leaning toward delaying its initial public offering (IPO) until 2027, The New York Times reported on June 25, 2026. CEO Sam Altman reportedly called any reduction below the targeted $1 trillion valuation a "non-starter."
June 25, 2026 · OpenAI
OpenAI Leans Toward a 2027 IPO — With a $1 Trillion Line in the Sand
Stock volatility after SpaceX's record IPO has pushed the timing later, but Sam Altman is reportedly treating any valuation below $1 trillion as a "non-starter."
$1T
Valuation target — anything below is "off the table"
2027
Likely IPO timing, slipped from late 2026
~900M
ChatGPT users driving explosive growth
The valuation gap
Target vs. the most recent private-round mark (end of 2025).
$730B
Prior private
$1,000B
$1 trillion
Still ~$270B short of the line Altman won't cross.
2025: growth vs. burn
Revenue is scaling fast — but spending is running well ahead of it.
Heavy compute spending leaves a wide loss — central to the IPO timing debate.
Where things stand
June 8, 2026 — confidential S-1 filed with the SEC; listing timing undetermined.Codex 5M+ weekly users — sales ramping as Sora and non-core efforts scale back.CFO Sarah Friar — seen as cautious on public-market readiness, balancing Altman's valuation push.
The case for waiting
Staying private buys time to chase the $1T mark, expand revenue (ads, Shopify/Stripe commerce), and manage market reaction on its own terms.
The skeptics' view
Heavy losses and AI-stock cooling after SpaceX's post-IPO drop raise doubts about whether the financial base is ready for a listing.
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