The New York Times: OpenAI is inclined to postpone its IPO until 2027, and Sam Altman requires the valuation to reach one trillion dollars

The New York Times, citing three informed sources, reported that OpenAI is inclined to postpone its initial public offering (IPO) timeline to 2027, citing recent volatility in tech stocks that could dampen retail investor enthusiasm.

(Previous context: OpenAI expected to "go public next year" delays earlier projections! Sam Altman: If AI achieves "autonomous evolution," listing may be postponed)
(Background supplement: Wall Street Journal: OpenAI misses user and revenue targets, CFO worries about inability to pay data center bills before IPO)

The New York Times, citing three individuals directly involved in OpenAI's IPO discussions, reported that the company is currently leaning toward delaying its IPO to 2027. Investment bankers advising on the IPO planning have warned that recent sharp fluctuations in tech stocks, coupled with price volatility following SpaceX's record-breaking IPO, could cause retail investor enthusiasm for OpenAI to fade prematurely.

Previously, on June 9, OpenAI issued a statement confirming that it had confidentially submitted an IPO filing to the U.S. Securities and Exchange Commission.

CEO aims for a trillion, CFO hits the brakes

The New York Times noted that CEO Sam Altman had explicitly demanded from advisors, including bankers and lawyers, that the target valuation must reach $1 trillion. This number is not arbitrary. In the latest round of private fundraising completed in March 2026, OpenAI's valuation had already reached $852 billion, less than 20% short of the $1 trillion target.

Altman himself has also publicly told employees that he expects the company to go public within the "next year."

However, CFO Sarah Friar's stance is markedly different. Sources say she prefers to wait until 2027, with the core concern stemming from the company's committed $60 billion in data center construction spending. In plain terms: the company's available cash must first sustain this massive hardware bet before it can confidently face institutional investors' due diligence in the public market.

The divergence between Altman and Friar highlights OpenAI's dual dilemma: it is both a tech startup needing to showcase explosive growth potential and a capital-intensive enterprise burning hundreds of billions of dollars in cash annually.

Why 2027?

From a market perspective, this year is not a good one. Tech stocks continue to fluctuate under the cross-pressure of interest rates and geopolitics. Although SpaceX's IPO set a record in scale, the subsequent price volatility also served as a warning to later entrants: high valuations may not necessarily receive proportional enthusiasm in the public market.

From a financial perspective, the pressure is more direct. OpenAI's GAAP loss for 2026 is estimated to be between $25 billion and $26 billion. Internally, the company expects to break even at the earliest around 2030. In contrast, the projected annualized recurring revenue for 2027 is $42 billion. If this figure is realized, it will become the most important lever to convince institutional investors to accept a high valuation.

The $60 billion data center commitment represents a complex financial calculation under the current interest rate environment. This capital expenditure spans a multi-year construction cycle, with a conservative estimate of over five years for capital return. Meanwhile, current long-term U.S. Treasury yields remain high, meaning the implicit cost of each infrastructure financing is increasing. If the IPO timeline coincides with the peak completion of data centers, the capital market will simultaneously see accelerating cash burn and rising debt, which is extremely unfavorable for valuation anchoring.

Waiting until 2027, when some construction progress is realized and cash flow visibility improves, will give underwriters more room for pricing flexibility.

In addition, OpenAI currently faces multiple regulatory and legal challenges. The U.S. Congress is investigating potential conflicts of interest between Altman's personal investment portfolio and company decisions; the SEC is continuously reviewing the company's governance structure. OpenAI's recent transition from a non-profit to a public-benefit corporation has raised concerns among external parties about shareholder rights protection.