Everyone has been betting on the OpenAI IPO lately. The company has secretly filed its listing documents, aiming to hit a trillion-dollar valuation, but the current environment has many variables.

The SpaceX post-IPO price drop has already sounded a warning bell for the market—investors are no longer blindly paying for future stories. With ChatGPT in hand, OpenAI’s user and enterprise revenue continues to expand steadily, and its industry position is beyond dispute.
But there are unavoidable pain points: massive compute costs, ongoing losses, and its unique foundation governance structure—all of which make secondary-market investors hesitant. Altman is insisting on holding the valuation floor, while internal sentiment leans toward delaying the listing until 2027.

Many people equate the prospects of the sector with stock price gains. You must be clear: believing in the long-term direction of AI doesn’t mean you should jump in at a high price to play IPO arbitrage. When the tide goes out, the capital market ultimately still has to look at whether profits are actually realized. #夏日创作营