OpenAI is weighing whether to push back its initial public offering to 2027, according to a New York Times report cited by Silicon Republic, as the company holds out for a higher valuation in cautious market conditions.
CEO Sam Altman is holding firm on a targeted $1 trillion valuation, according to Business Today and Financial Express. Rather than accept a weaker debut now, OpenAI appears willing to wait until next year to secure that price.
A big reason for the caution is SpaceX, whose own stock turned volatile after its historic IPO. Investopedia reports that SpaceX's debut going "cold" is a major factor behind OpenAI's hesitation, with Proactive framing it as the moment Altman may have "blinked first."
The report rattled markets. SoftBank, a major OpenAI backer, saw its shares fall sharply — Nikkei Asia and Crypto Briefing reported a slide of more than 12%, while Seeking Alpha put the drop at 13%. According to Sam Nussey of Reuters, shares of Japanese NAND flash maker Kioxia slid 12% on Friday as the news sparked a broader selloff in AI-related shares. Investing.com reported European stocks opened lower partly on the OpenAI delay.
The timing is notable because rival Anthropic has also confidentially filed for an IPO and could list as early as next year, according to MSN — meaning OpenAI may go public after its competitor.
Separately, OpenAI is delaying its next flagship model, GPT-5.6, after the White House demanded safety checks. Altman told staff the government will be "approving access customer by customer" during the preview period, per MSN and Techzine.
Why it matters: OpenAI is the most-watched company in tech, and even a rumor about its IPO timing can move billions in AI-linked stocks worldwide.