OpenAI Considers Pushing IPO to 2027 as SpaceX Stock Slides

TLDR

• OpenAI is weighing a delay of its IPO from 2026 to 2027
• CEO Sam Altman is holding firm on a $1 trillion valuation target
• SpaceX’s stock dropped from $225 to $153 after its June IPO
• OpenAI posted a $38.5 billion net loss last year despite $2 billion monthly revenue
• Advisers warn the current tech market may not support a mega-scale debut

OpenAI may wait until 2027 to go public, according to a New York Times report citing three people involved in internal discussions. The company had been targeting a listing as early as the third or fourth quarter of 2026.

CEO Sam Altman has been pushing advisers to hit a $1 trillion valuation at debut. That’s a jump from its last private round, which valued the company between $730 billion and $852 billion.

When advisers gave Altman two options — wait until 2027 for a trillion-dollar debut or list sooner at a lower valuation — he reportedly called any cut to the trillion-dollar figure a “nonstarter.”

OpenAI confirmed earlier this month it had filed confidential paperwork with the Securities and Exchange Commission. The Wall Street Journal had previously reported it planned to list as early as September.

SpaceX’s Rough Start Spooks the Market

SpaceX went public on June 12, raising over $85 billion and landing a valuation of $2.77 trillion at debut. Many saw this as a green light for a wave of big tech listings.

But SpaceX shares fell fast. The stock peaked above $225 before dropping to $153 by Thursday. That slide has rattled confidence in the broader IPO market for high-valued tech companies.

OpenAI’s advisers pointed to SpaceX’s shaky start as a reason for caution. Retail enthusiasm may be limited given current market conditions, they warned.

OpenAI’s Finances Under the Microscope

OpenAI reported revenue of roughly $13 billion last year, reaching $2 billion per month more recently. But it also posted a net loss of $38.5 billion, driven by $34 billion in spending on computing power and research.

The company has projected $600 billion in spending on compute and hardware through 2030. That level of spending has investors asking whether AI companies can ever turn a profit.

To find new revenue, OpenAI is testing ads inside ChatGPT and exploring e-commerce deals with Shopify and Stripe. It has also pulled back on money-losing products like its Sora video app.

Crowded IPO Pipeline Adds Pressure

OpenAI isn’t the only company eyeing the public markets. Rival Anthropic filed confidentially on June 1, a week before OpenAI’s own filing. Anthropic was last valued at $965 billion, briefly overtaking OpenAI’s private valuation.

Other companies including Strava, Discord, Kraken, and Oura have also filed confidentially this year, adding to a packed IPO queue.

OpenAI’s internal hesitation reportedly predates the confidential filing. Chief Financial Officer Sarah Friar raised concerns about the company’s finances earlier this year, according to the Wall Street Journal.

For now, OpenAI appears to be in a holding pattern, waiting for market conditions to improve before committing to a timeline.

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