OpenAI Leans Toward 2027 IPO as Altman Holds $1 Trillion Line

OpenAI is reportedly leaning toward delaying its public market debut until 2027, according to The New York Times, after advisers presented the company with a direct choice: hold out for a $1 trillion valuation and wait, or accept a lower figure and list sooner. CEO Sam Altman reportedly rejected any compromise on the trillion-dollar target, with a source described as in direct contact with Altman saying the figure was a non-starter.

The timing concerns are tied to a specific recent precedent. SpaceX's IPO reportedly opened around $135 per share, climbed sharply, and then fell back, giving OpenAI's bankers reason for caution. Bankers advising OpenAI have reportedly warned that tech stock volatility and the pressure on SpaceX's post-listing price could dampen retail investor enthusiasm for OpenAI's own offering. The company filed its S-1 confidentially with the SEC in early June 2026 but has not committed to a specific listing window, according to the reporting.

Sitting underneath the timing debate is a significant financial figure. OpenAI burned $3.7 billion in the first quarter of 2026, according to The Information, representing more than half of its $5.7 billion in revenue for that period. Revenue and cash burn both tripled compared to the same period in 2025. OpenAI's CFO Sarah Friar has reportedly informed associates that the company is targeting 2027 for its public debut.

The honest caveat is that the sourcing throughout is unnamed advisers and associates, and the reporting describes a lean rather than a decision. What the coverage does not address is whether Altman's $1 trillion floor is a firm commitment or a negotiating position, or how much additional private capital OpenAI may need to sustain its burn rate through 2027. The gap between the last private valuation of $730 billion and the IPO target is the number institutional investors will want answered before any offering clears.