OpenAI IPO Delayed to 2027? Valuation & Anthropic Race

OpenAI is reportedly considering delaying its initial public offering until 2027. This is a shift from earlier discussions about a late 2026 IPO. The main reason for the potential delay is valuation. OpenAI executives are aiming for a one trillion dollar valuation, and CEO Sam Altman has not backed away from this target. CFO Sarah Friar has also supported a 2027 delay internally. OpenAI also faces significant compute infrastructure commitments, totaling $600 billion through 2030, and is burning through cash. Readiness for public company reporting obligations is another factor. Market conditions are playing a role too. OpenAI's most recent private valuation was around $850 billion. Achieving a one trillion dollar IPO valuation would require more investment enthusiasm or revenue growth. Recent performance of high-valued tech companies like SpaceX has made the IPO market more cautious. Banks believe the first company to list between OpenAI and Anthropic will set the standard for the new AI IPO market. However, OpenAI has effectively ruled out listing first at a lower valuation. This decision impacts when and how a major AI company will enter the public market.