For months, investors assumed that OpenAI would head to public markets in 2026, potentially becoming one of the largest technology listings in history. But fresh reports suggest the company is now leaning toward delaying its IPO until 2027.
The reason is revealing: even in the middle of the AI boom, public markets may not be ready to support a trillion-dollar valuation.
OpenAI Wants $1 Trillion. The Market May Not Agree Yet.
OpenAI was last valued privately at roughly $850 billion, already making it one of the most valuable private companies in the world.
CEO Sam Altman has reportedly set an ambitious target for any eventual IPO: a $1 trillion valuation.
However, advisers working on the listing are said to have presented OpenAI with two options:
- Go public sooner at a lower valuation
- Wait longer and attempt to achieve the $1 trillion target later
According to multiple reports, cutting the valuation was considered unacceptable. As a result, the company appears increasingly inclined to postpone the listing rather than compromise on price.
SpaceX’s IPO May Have Changed Everything
A major factor behind this rethink appears to be the recent experience of SpaceX.
SpaceX completed a record-breaking IPO earlier this month, raising more than $85 billion and initially seeing its stock surge. But the excitement quickly faded.
After briefly climbing above $225 per share, SpaceX shares fell sharply, retreating close to their listing price.
That volatility has reportedly raised concerns inside OpenAI.
The question now facing executives is simple:
If investors are already questioning the valuation of one of the world’s most admired private companies, will they enthusiastically support another mega-sized AI IPO at an even higher valuation?
The answer, for now, appears uncertain.
Public Markets Are Becoming More Demanding
For years, private investors rewarded growth above all else.
Public investors tend to ask tougher questions:
- When will the company become profitable?
- How sustainable are current growth rates?
- How much capital will be needed in the future?
- Can revenue eventually justify today’s valuation?
These questions matter especially for OpenAI because its costs remain enormous.
Reports indicate that:
- OpenAI generated approximately $13 billion in revenue last year
- The company also reportedly recorded losses exceeding $20 billion
- Spending on computing infrastructure, chips, data centers, and research continues to rise rapidly
- Total infrastructure commitments through 2030 could run into hundreds of billions of dollars
Investors remain excited about artificial intelligence. But increasingly, they also want evidence that AI businesses can generate durable profits.
Competition Is Intensifying
OpenAI is not entering an empty market.
Its largest rival, Anthropic, is also reportedly preparing for a public listing.
Interestingly, recent private funding rounds valued Anthropic at levels comparable to, or even above, OpenAI’s latest private valuation.
This creates an interesting strategic challenge.
If OpenAI waits until 2027:
- Market conditions may improve.
- Investor sentiment could recover.
- Financial performance may strengthen.
But delaying also creates an opportunity for competitors to capture investor attention first.
Being second to market in a rapidly evolving industry carries risks of its own.
Why Investors Care So Much About an OpenAI IPO
An OpenAI IPO would matter far beyond the company itself.
Many investors view OpenAI as the flagship company of the generative AI era. Its listing could:
- Set valuation benchmarks for the entire AI industry.
- Influence sentiment toward other AI startups.
- Affect funding conditions across private markets.
- Create one of the largest new public investment opportunities in years.
The impact is already visible.
Reports of a potential IPO delay triggered sharp declines in shares of companies closely associated with the AI trade, including Japanese investment giant SoftBank, one of OpenAI’s biggest backers.
SoftBank’s stock fell more than 12% after news of the possible delay emerged, illustrating how heavily investor expectations had become tied to OpenAI eventually going public.
The Bigger Story
The possible delay says something important about today’s markets.
Investor enthusiasm for AI remains extraordinarily strong. But the era of growth at any price may be fading.
Even the world’s leading AI company may need to prove not only that it can change the future, but also that it can do so profitably.
Sam Altman appears unwilling to sacrifice valuation for speed.
For now, the trillion-dollar dream remains alive.
Only the timeline may be changing.
And that raises a fascinating question for investors:
Are public markets becoming more disciplined, or are they simply waiting for the next wave of AI optimism before embracing another blockbuster IPO?