Key Points
- OpenAI is rumored to be considering a delay on its IPO to 2027; several chipmaker stocks declined in the days following this news.
- This motion could contribute to a sense of uncertainty surrounding the timing and pricing of highly anticipated AI company IPOs.
- SpaceX's recent share price plunge following its IPO may be another signal that trouble is ahead.
- Special Report: Problems at SpaceX: time to get out?
In late June 2026, rumors began to circulate across the tech world that ChatGPT-maker OpenAI is leaning toward delaying its IPO from late 2026 to 2027. While the regulatory review process, market volatility, and a host of other factors regularly shift IPO timelines for companies planning to go public, this update is particularly significant. There has been a broad sense of unease across much of the investor sphere as AI seems to have taken over a variety of other industries, and growing concern that a potential "AI bubble" could pop.
For investors considering their next plays in the tech space, it will be key to watch the companies responsible for the hardware that powers AI applications: chip makers. Unease has hit chip stocks, with shares of major producers such as NVIDIA Corp. (NASDAQ: NVDA), Micron Technology Inc. (NASDAQ: MU), and Marvell Technology Group (NASDAQ: MRVL) all dropping sharply over the last week. But will the IPO window reopen, or is this a sign that the market is beginning a dramatic repricing of AI overall?
AI IPO Shakiness on Valuation Concerns
OpenAI's potential IPO delay may stem from shakiness in the tech market and concerns that there may not be support for a valuation of around $1 trillion, reportedly the target of CEO Sam Altman.
A key test case for OpenAI, Anthropic, and other AI companies eyeing IPOs in the coming quarters was SpaceX's (NASDAQ: SPCX) IPO. Elon Musk's long-awaited space firm's IPO took place in mid-June, raising more than $85 billion in the process. However, shares of SPCX slid from above $225 to just $153 in a two-week span.
A catalyst for this SPCX selloff may hold even more weight for AI companies as they consider IPO timing. With a $60-billion all-stock acquisition planned for AI coding startup Cursor later this year, Musk appears to be positioning SpaceX to make a dramatic pivot. Shareholders are facing dilution and concerns about the viability of AI as a key component of SpaceX's strategy. For existing AI companies, the news is potentially bad for at least two reasons: first, SpaceX's pivot toward AI may have helped to scare off previously enthusiastic investors; and second, the company could quickly become a major competitor in an already crowded field.
Investors Should Watch the Chips
Ultimately, AI companies rely on hardware and infrastructure to make their products viable. Investors have been able to notch wins focusing only on these factors, rather than on AI companies themselves—a good thing, too, given that most of the major AI firms are pre-IPO. But, similarly, if AI hardware makers or infrastructure providers are struggling, it could be a sign that there is less of an appetite in the market for more mega-cap AI firms.
With a selloff during some of the last several trading days of June, investors might interpret the movement across the chipmaker landscape as a signal of the market rebuking the AI IPO timeline or pricing. Zooming out, though, it's less clear if the movement in stocks like NVDA or MU is specifically tied to news about OpenAI. Following a massive six-week rally through mid-May 2026, NVDA has been gradually settling toward the price level it had traded at for much of the last year. A decline in late June may be less a sign of AI troubles and more a continuation of an ongoing reset.
As time goes on, the picture may become clearer for investors watching chip stocks. If the declines continue, for example, and particularly if they are tied to other updates surrounding AI IPOs, it could confirm that there is reason to be hesitant.
While NVIDIA's next earnings report is not due until late August, Micron recently provided an update that may strengthen investors' resolve on the future of chipmakers and AI. The company reported record fiscal Q3 results, including revenue that surged nearly 350% year-over-year (YOY), an impressive gross margin of 84.9%, and a massive earnings-per-share beat.
This goes to show that a single week's worth of performance across the chip space is likely not enough evidence to make a case for or against AI firms intending to go public soon. Rather, investors will need to keep a close eye on proxies for AI companies—chip manufacturers, companies that operate and build data centers, energy providers, and so on—over a longer period to get the fullest sense of the environment.
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