OpenAI Is Leaning Toward Delaying Its IPO Until 2027, Holding Out for a $1 Trillion Valuation

OpenAI is leaning toward postponing its public market debut until 2027, the New York Times reported Friday, with CEO Sam Altman unwilling to list at a valuation below $1 trillion — a figure that today's market conditions cannot support. Bloomberg confirmed the reporting, citing three people familiar with the company's deliberations.

When bankers advising OpenAI on its IPO plans presented Altman with a choice between listing sooner at a reduced valuation or waiting for a better market window to hit the $1 trillion target, Altman reportedly had little interest in the first option. According to sources cited by the Times, he called any cut to that figure a "nonstarter."

The Market Case for Waiting

The decision reflects both Altman's assessment of what OpenAI will be worth and a frank reading of what public markets can absorb right now. Tech stocks ended Friday lower amid broad investor concerns about AI data center costs. SpaceX's own IPO — which had been anticipated as a market signal — experienced significant volatility, which bankers pointed to as a reason for caution.

OpenAI had filed confidentially for a US IPO with internal targets indicating a valuation of up to $1 trillion. The company's argument for that figure rests on a still-evolving picture: foundation model revenue, expanding enterprise contracts across ChatGPT and the API, and deepening involvement in US government AI infrastructure. Altman has told advisers he believes that "by the time it lists, the argument will be impossible to dispute" — a bet on time more than on the current market.

SoftBank Took the Immediate Hit

The most concrete market reaction was in Tokyo. SoftBank, which holds roughly $65 billion in OpenAI through its Vision Fund, saw its shares fall as much as 13% intraday Friday — the company's sharpest single-day drop in more than three months — as investors recalibrated the timeline on when that position would have a clear public-market price.

SoftBank CEO Masayoshi Son has made OpenAI a cornerstone of the Vision Fund's AI thesis, and the delay introduces uncertainty into what had been presented as an near-term liquidity event. OpenAI did not respond to requests for comment.

What 2027 Would Mean

A 2027 debut would make OpenAI's public offering one of the most anticipated — and most delayed — in recent tech history. The company raised its last private round at a valuation around $300 billion. The gap between that figure and the $1 trillion target Altman is holding out for requires either a sustained AI revenue ramp or a significant market re-rating of AI company multiples. Prediction markets currently price a 59% probability of an official OpenAI IPO announcement by March 1, 2027.