OpenAI is pushing its IPO timeline back to 2027, opting to wait for a valuation that starts with a “T” rather than rush to market behind Anthropic. The company’s CEO Sam Altman has reportedly drawn a hard line: nothing below $1 trillion is acceptable.
The trillion-dollar waiting game
The New York Times reported on June 25, 2026, that OpenAI is considering the delay after previously targeting a late 2026 listing. The shift puts it behind Anthropic, which confidentially filed its S-1 on June 1, 2026, positioning Dario Amodei’s company to potentially beat OpenAI to the public markets.
OpenAI’s last private valuation sits somewhere between $730 billion and $852 billion. Bridging that gap in a single year would require either explosive revenue growth, a euphoric market, or both.
OpenAI’s projected revenue for 2025 is roughly $13 billion, with the company recently hitting a monthly run-rate of $2 billion. But they also come packaged with massive infrastructure spending that keeps the company deep in the red.
CFO Sarah Friar has reportedly advocated for more time, citing the need to stabilize OpenAI’s financial profile before subjecting it to the quarterly scrutiny of public markets.
SpaceX’s bumpy debut looms large
One factor weighing on the decision is sitting right in OpenAI’s rearview mirror: SpaceX. Elon Musk’s rocket company went public in June 2026, raising over $85 billion at a valuation of roughly $1.77 trillion. In practice, shares declined sharply after listing.
Anthropic’s head start
While OpenAI plays the waiting game, Anthropic isn’t standing still. The Claude maker’s confidential S-1 filing signals genuine intent to go public, and its latest funding round positioned the company near a post-money valuation of $965 billion.
What this means for investors
For pre-IPO investors in both companies, the stakes are enormous. OpenAI’s delay means another year of illiquidity for shareholders who’ve been waiting for a public exit.
The $1 trillion valuation target also raises legitimate questions about what kind of growth OpenAI needs to sustain to justify that price tag in public markets. At $13 billion in projected 2025 revenue, a $1 trillion valuation implies a roughly 77x revenue multiple.