OpenAI just put a date on its IPO. |
In a Wednesday all-hands meeting, CFO Sarah Friar told employees the company "will be a public company in 2027." She left the door open to going sooner — but only if "our business continues to inflect." |
Go here to claim a stake in OpenAI today. |
That's a notable shift. For months, the reporting pointed to a possible late-2026 listing at up to a $1 trillion valuation. Now the base case is 2027. |
Friar framed it plainly. "The IPO is not a finish line, it is a milestone, another fundraise." She reminded staff the company raised $122 billion in March. That war chest buys OpenAI the luxury of waiting. |
But the more interesting comments were about the competition. |
OpenAI filed its IPO paperwork confidentially with the SEC in June. So did Anthropic. And Friar acknowledged Anthropic could go public first. |
"There is a chance they pull the cover off that confidential file in the coming weeks and become public in September. That's OK, we are running our own race," she said. |
Read between the lines. The CFO of the most famous AI company is preparing employees for the possibility that its biggest rival is the first to IPO. |
The numbers explain the confidence — and the caution. |
OpenAI told investors it generated $6.7 billion in revenue in the second quarter, up 18% from the first quarter. Its annualized run rate recently topped $40 billion. Friar's slides showed the overall run rate up 35% quarter-to-date and enterprise revenue up 50%. |
Anthropic has been growing faster off a comparable base. It told investors its annualized run rate hit $65 billion at the end of July — a sevenfold jump from a year ago. Its preliminary second-quarter revenue came in around $11.5 billion. |
So OpenAI has a $852 billion valuation and the bigger brand. Yet Anthropic is larger, growing faster, and is more likely to go public in 2026. |
The delay until 2027 is actually good news. It means there’s more time for you to secure Pre-IPO shares before the stock starts trading. |
CEO Sam Altman likely wants the valuation to be well above the prior financing. Waiting until early 2027 might allow OpenAI to target a valuation of $1.2 - $1.5 trillion when it goes public. |
Don’t wait for the stock to start trading. |
Here’s how to invest now. |
Ian Wyatt
Editor, IPO Watch |
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