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With recent increases in market volatility and the re-pricing pressure on high-valued tech stocks, OpenAI appears to be adjusting its capital market strategy. According to informed sources, the company has decided to delay its initial public offering (IPO), originally planned for the third or fourth quarter of this year, until next year.
Previously, OpenAI's management had maintained a rather aggressive listing timeline, with CEO Sam Altman even pushing financial advisors to lock in a target valuation of $1 trillion. However, recent changes in the market environment have brought this vision into contact with reality.
One of the key variables affecting market sentiment, SpaceX's performance after its recent listing has raised concerns among investors about high-valued tech companies. Its stock price has continued to decline after reaching a peak, closing at $153 on Thursday, a significant drop from its previous high of $202. This trend has directly weakened short-term confidence in similar "unicorn" companies, prompting investors to question the rationality of the high premium in the AI sector.
Additionally, broader macroeconomic sentiment has also shown a cooling trend. Recent global tech stocks have generally declined, with major indices falling, causing the capital market, which was once enthusiastic about the AI sector, to return to a more cautious stance, repeatedly evaluating whether AI companies can truly fulfill their high growth promises.
Facing this environment, OpenAI conducted an internal assessment and concluded that the current time is not optimal for going public. According to internal sources, the company's advisory team has clearly warned in recent communications that the enthusiasm of retail investors for stocks like OpenAI may not meet expectations. To ensure a stable subsequent listing process and sufficient valuation space, the company's executives ultimately decided to "pause" the IPO plan, postponing it until next year to wait for a recovery in market sentiment and further reshaping of valuation logic.