OpenAI's Chief Financial Officer Sarah Friar has outlined a clear timeline for the artificial intelligence lab's entry into the stock market. According to my data, the company plans to complete its initial public offering process by 2027, though it does not rule out an earlier date if current growth momentum is maintained.
This statement was made at a general meeting on Wednesday and is the most concrete signal from within the company since it filed a confidential S-1 registration with the U.S. Securities and Exchange Commission (SEC) more than two months ago. Earlier in June, OpenAI had not specified exact dates and left open the possibility of remaining private, but the situation has now become clearer.
Financial Safety Net
Friar emphasized that the IPO is not the ultimate goal, but merely another stage of capital raising. In the spring, the company raised $122 billion, providing it with significant flexibility in decision-making. "An IPO is not a finish line but a milestone, just another funding round. In March, we raised $122 billion, which gives us flexibility," she noted.
The company's post-investment valuation currently reaches $852 billion, making a potential listing one of the largest in the history of the technology sector.
Competitive Race: Anthropic on Its Heels
The situation is heating up: OpenAI's main competitor, Anthropic, has also filed a confidential application and has already held initial meetings with potential investors. There is active market discussion about the likelihood of their stock market debut as early as autumn, with a potential valuation of $2 trillion. Friar urged colleagues not to panic if Anthropic is the first to disclose details of its filing.
"It is quite possible that they will disclose filing details in the coming weeks and become a public company as early as September. That is fine; we set our own pace," she added.
The Numbers Speak for Themselves
The revenue gap between the companies remains significant, although Anthropic is showing impressive momentum: $11.5 billion in preliminary revenue for the second quarter and an annual run rate of $65 billion. OpenAI, for its part, earned $6.7 billion in the second quarter—18% more than in the first—and its annual run rate has exceeded $40 billion.
Since the start of the quarter, OpenAI's revenue has grown by 35%, and revenue from enterprise clients by 50%. The company's programming services are used by 20 million people weekly. However, amid promises of stability, the company has been left by Chief Revenue Officer Denise Dresser, Brad Lightcap, and Head of Product Fidji Simo.
In my view, OpenAI's stock market debut will be a key event for the entire technology sector. Given the scale of the valuation and growth rates, this listing could reshape how the market values companies in the field of artificial intelligence. However, the wave of executive departures is a warning sign that investors should carefully monitor before making decisions.