According to a report by The New York Times, citing three insiders, OpenAI is considering delaying its initial public offering (IPO) until next year. Previously, market rumors suggested the company had secretly submitted an IPO application to U.S. regulators, with a target valuation of up to $1 trillion.

Currently, OpenAI has presented two alternative options to its consulting firms: one is to wait until 2027 for an IPO at a full $1 trillion valuation, and the other is to lower the target valuation in exchange for a faster timeline. CEO Sam Altman has taken a firm stance on the latter, reportedly stating that any plan with a valuation below $1 trillion is "unacceptable."

OpenAI

Fluctuating IPO Rumors

The IPO rumors about OpenAI have been ongoing since 2025, but the company has repeatedly denied having any immediate plans for an IPO. In October 2025, Reuters reported that OpenAI was preparing for an IPO, with a potential valuation of up to $1 trillion, and planned to submit the application as early as the second half of 2026. Subsequently, the company's spokesperson stated that the IPO was not a current priority and could not set a specific date.

In November of the same year, OpenAI's Chief Financial Officer Sarah Fry clearly stated that the company had no immediate IPO plans and was focusing on steadily expanding its current scale. Altman also admitted in a podcast that there was a possibility of an IPO in the future but denied setting a specific timeline. As 2026 approached, the market mood shifted again—this January, The Wall Street Journal reported that OpenAI was accelerating its IPO plans to get ahead of its competitor Anthropic, with the company's valuation at around $500 billion at the time.

Difficult Decisions Under Multiple Pressures

The back-and-forth progress of the IPO is closely related to regulatory pressure from the U.S. government. There are rumors that due to security concerns, the Office of the National Cyber Director and the White House Office of Science and Technology Policy have asked OpenAI to release its new AI models in stages, which has somewhat affected the company's growth rhythm and profitability that it presents to the outside world.

Looking at the valuation trajectory, OpenAI has experienced explosive growth in recent years. In September 2023, the company's valuation during a round of employee stock sales was still between $80 billion and $90 billion, only three times its value at the beginning of the year. Now, facing a long-term target of $1 trillion, how to balance the IPO timing window, regulatory compliance, and valuation demands has become the core challenge faced by Altman and the management team currently.