OpenAI's Chief Financial Officer Sarah Friar has unveiled the long-awaited targets: the artificial intelligence lab plans to go public on the stock exchange in 2027. She emphasized, however, that if momentum remains favorable, the debut could happen even earlier than scheduled.
The announcement was made at the company's all-hands meeting on Wednesday. More than two months have passed since the confidential S-1 filing was submitted to the U.S. Securities and Exchange Commission (SEC), and now the market has a clear timeline.
IPO — Not a Finish Line, but a Tool
Notably, Friar positions the public offering not as an end goal, but as another stage of capital raising. This spring, OpenAI managed to raise a hefty $122 billion, giving the company a significant financial cushion and room to maneuver.
"An IPO is not a finish line, but a milestone — just another round of fundraising. In March, we raised $122 billion, which gives us flexibility," Friar said.
The company's current post-investment valuation stands at $852 billion. This makes the potential listing one of the largest in the history of the technology sector.
Competition Heats Up
The situation is intensified by the fact that OpenAI's direct competitor, Anthropic, has also filed a confidential application and has already held initial meetings with potential investors. There is active market speculation about Anthropic being valued at $2 trillion with a possible debut as early as this fall. Friar, however, urged colleagues not to panic if Anthropic discloses details of its filing first.
"It's quite possible they will reveal filing details in the coming weeks and become a public company as early as September. That's fine — we set our own pace," she added.
Financial Metrics: Who's Ahead?
The revenue gap between the companies remains significant. Anthropic reported preliminary revenue of $11.5 billion for the second quarter, and by the end of July, its annualized run rate had grown to $65 billion. OpenAI, for its part, earned $6.7 billion in the second quarter — up 18% from the first — and its annualized run rate recently surpassed $40 billion.
According to Friar, OpenAI's revenue has grown 35% since the start of the quarter, while revenue from enterprise clients has risen 50%. The company's coding and work services are used by 20 million people weekly.
Despite promises of stability, OpenAI is experiencing a wave of executive departures: Chief Revenue Officer Denise Dresser, Brad Lightcap, and Head of Product Fidji Simo have all left the company.
My analysis: Postponing the IPO to 2027 is not a sign of weakness, but a strategic move. With $122 billion in the bank, OpenAI can afford to wait for more favorable market conditions and grow revenue to go public at the highest possible valuation. The race with Anthropic for the title of "first public AI giant" is just beginning, and the market should brace for volatility in the AI stock sector.