OpenAI is targeting an initial public offering in 2027 after CEO Sam Altman said the company should reach a $1 trillion valuation before entering public markets. CFO Sarah Friar told employees on August 19 that a listing could come sooner if business conditions improve significantly, but 2026 is no longer under consideration. OpenAI confidentially filed an S-1 registration statement with the SEC in June 2026. Its most recent private financing valued the company at $852 billion after a $122 billion round closed on March 31, 2026, leaving it about $148 billion, or roughly 17%, below Altman’s stated threshold. Advisers and executives cited volatile markets and the performance of major technology IPOs, including post-IPO volatility at SpaceX, in recommending a delay. OpenAI remains unprofitable at scale despite an estimated annualized revenue run rate of $24 billion to $40 billion and a 17-fold increase in computing power over two years. Secondary-market marks later implied a valuation near $475 billion by September 2026, while Anthropic reached $965 billion in 2026. OpenAI is pursuing a conventional IPO rather than a SPAC or direct listing, and the 2027 timetable also gives employees greater clarity about stock-based compensation and potential liquidity.