ChainCatcher report: According to market sources, OpenAI CEO Sam Altman privately indicated this year that he hopes the company can complete its IPO as early as the fourth quarter; however, CFO Sarah Friar has disclosed to multiple colleagues that she believes the company will not be ready for an IPO by 2026, citing the extensive procedural and organizational efforts required, as well as financial risks stemming from massive commitments to acquire computing power. Internally, Altman has repeatedly excluded Friar from financial decision-making. In recent months, during discussions with a top investor regarding server procurement, Altman did not invite Friar to participate; one attendee described her absence as “noticeable and awkward,” given that she had previously taken part in meetings on the same topic. Since August last year, Friar has ceased reporting directly to Altman and now reports to Fidji Simo, head of application business—breaking the conventional practice in large corporations where the CFO reports directly to the CEO. Financially, OpenAI has committed to spending over $600 billion on cloud servers over the next five years, with internal projections indicating it will burn through more than $200 billion in cash before achieving positive cash flow. This week’s announced $122 billion funding commitment primarily comes from Amazon and NVIDIA—both of whom are also OpenAI’s cloud server and chip suppliers—creating a circular capital arrangement. Anthropic has surpassed OpenAI as the preferred AI model provider among enterprises and developers, and OpenAI’s revenue growth rate is also slowing. Preparations for an IPO have quietly begun: OpenAI has engaged the law firms Cooley and Wachtell Lipton Rosen & Katz, and has had preliminary discussions with IPO teams from Goldman Sachs and Morgan Stanley. Altman has privately expressed his desire to go public before Anthropic, which is currently discussing an IPO plan for this fourth quarter. Following these developments, the two executives issued a joint statement asserting they are “completely aligned on compute strategy.”
OpenAI CFO Sarah Friar Questions 2026 IPO Readiness, Excluded from Key Financial Meetings
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Summary
Breaking crypto news: OpenAI CEO Sam Altman is pushing for a Q4 2026 IPO, but CFO Sarah Friar has raised concerns about the company’s financial and operational readiness. Friar has been excluded from key financial discussions, including server deals with major investors. She now reports to Fidji Simo, not Altman. OpenAI plans to spend over $600 billion on cloud servers and expects to burn through $200 billion before becoming cash flow positive. A $122 billion funding deal with Amazon and NVIDIA has sparked concerns about circular capital. The firm is working with banks and legal teams to prepare for its listing, with Altman aiming to outpace Anthropic in the race for top altcoin news.
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