OpenAI, the maker of ChatGPT, may push back its plans to go public, and the mere report of a delay sent a ripple through global markets.
According to a New York Times report cited by Livemint, OpenAI's advisers laid out two options for executives: wait until 2027 to list at a roughly $1 trillion valuation, or accept a lower valuation in exchange for a quicker debut. The Decoder reports that CEO Sam Altman is unwilling to go public for less than $1 trillion, which is why the listing could slip to 2027.
What spooked the company? Reports point to volatile tech markets and the weak stock performance of SpaceX following its record-setting IPO. Several outlets, including Yahoo Finance and Forbes, framed it as Altman being rattled by SpaceX's rocky start.
The market reaction was swift. Nikkei Asia and marketscreener.com reported that shares of SoftBank — one of OpenAI's biggest backers — slipped more than 12%, with The Decoder putting the single-day loss at 13%. Yahoo Finance reported that S&P 500 and Nasdaq futures slid as the report rattled tech stocks, and that the broader "AI trade" took a hit. MSN and Investor's Business Daily noted that Oracle and other companies tied to OpenAI were also pressured.
Importantly, this remains a report about internal deliberations, not a confirmed decision. CNBC reported that OpenAI confidentially filed its prospectus with the SEC earlier this month but said it "may be a while" before going public, and that the company has not yet held pre-IPO investor meetings or set a timeline.
Why it matters: OpenAI has become a load-bearing pillar of the entire AI-driven stock rally, so even a rumor about its timing can move markets far beyond the company itself.