OpenAI is delaying its IPO to 2027, the New York Times reported, citing post-SpaceX market turbulence and investor skepticism. Sam Altman's reported $1 trillion valuation target—up from a $730 billion private round—faces resistance.
Key facts
- OpenAI delays IPO to 2027 per NYT.
- Sam Altman seeks $1T valuation; last round $730B.
- SpaceX raised $85B+, now shares pulled back.
- Anthropic still targets 2026 IPO at $1T+.
- xAI merged with SpaceX in Feb 2026 at ~$1.25T.
OpenAI is hitting the brakes on its IPO despite earlier plans for late 2026, according to the New York Times. The decision follows SpaceX's landmark IPO, which raised over $85 billion at a ~$1.77 trillion valuation but has since seen shares pull back—a pattern the NYT says is spooking AI investors.
Sam Altman reportedly pushing for a $1 trillion IPO valuation. That's a 37% premium over OpenAI's last private raise at about ~$730 billion, a gap the public markets are unwilling to bridge amid broader AI valuation skepticism. The delay highlights a structural tension: private markets have sustained AI's capital-intensive growth, but public investors demand profitability timelines.
Anthropic is reportedly still on track for its own public debut, which could create an interesting contrast in how the major AI labs are approaching the public markets. Anthropic targets a 2026 IPO at $1 trillion+ valuation, per our prior reporting, setting up a direct race between the two labs for public investor dollars.
Meanwhile, xAI took a different route entirely: SpaceX acquired xAI in February 2026, giving the AI startup access to public market capital through the SpaceX structure without a standalone IPO. That integration valued the combined entity at ~$1.25 trillion, per the source.
The structural read
OpenAI's delay is less about timing and more about the fundamental mismatch between AI's capital needs and public market patience. SpaceX's post-IPO share pullback—despite the largest raise in history—signals that even the most hyped tech names face gravity. OpenAI's $1T ask would make it the largest tech IPO ever by valuation, a bet few underwriters appear ready to place in 2026.
The delay also creates a strategic window for Anthropic. If Anthropic goes public in 2026 at a $1T+ valuation, it could either validate the AI IPO thesis or draw the same skepticism that stalled OpenAI. Either way, the first mover may define the benchmark.
What to watch
Watch for Anthropic's S-1 filing window in late 2026—if it prices above $1T, it validates the AI IPO thesis and pressures OpenAI to accelerate. If it falters, expect a broader AI IPO freeze into 2027.
Source: nextbigfuture.com
