OpenAI has completed a roughly $7 billion employee share sale at an $852 billion valuation, with the ChatGPT developer buying stock directly from current and former employees rather than bringing in outside investors. The valuation matched the company's March fundraising round, and the transaction gives insiders liquidity while the company remains private. Bloomberg reported that OpenAI confidentially filed IPO paperwork with the Securities and Exchange Commission in June, but has not given an official listing timeline. Some later reports suggested the company could delay an IPO until 2027, with PitchBook saying CFO Sarah Friar favored waiting until 2027 while Sam Altman was more interested in a September 2026 listing at a $1 trillion valuation. OpenAI has previously used tender offers to provide liquidity, including a $6.6 billion transaction in October at a $500 billion valuation and a $1.5 billion tender offer in 2024. The latest buyback indicates the company is still relying on private-market mechanisms ahead of any eventual public debut.