OpenAI's Chief Financial Officer Sarah Friar has set a clear target: a stock market debut is planned for 2027. She emphasized, however, that the debut could happen earlier if the company's growth momentum maintains its current pace. This statement, made at a general meeting, is the most concrete signal of the AI lab's intentions in recent times.
A Strategic Pause: Why 2027?
More than two months have passed since the confidential S-1 filing was submitted to the U.S. Securities and Exchange Commission (SEC). However, as Friar explained, the share offering is not the ultimate goal but merely one tool for raising capital. According to her, the massive $122 billion funding round closed in the spring provides the company with sufficient flexibility not to rush its stock market entry.
"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 noted.
Notably, OpenAI's current post-investment valuation stands at $852 billion, making it one of the most valuable private players in the market. The lack of urgency here seems entirely rational: the longer the company remains private, the more time it has to strengthen its financial metrics and boost its valuation ahead of a potential listing.
The 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. A valuation of $2 trillion is being discussed amid a possible stock market debut as early as this fall. Friar, however, urged colleagues not to panic if Anthropic is the first to disclose details of its filing.
"It's quite possible they will disclose 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.
The revenue gap between the companies remains significant for now. Anthropic reported preliminary revenue of $11.5 billion for the second quarter, and by the end of July its annualized run rate had reached $65 billion. By comparison, OpenAI earned $6.7 billion over the same period—18% more than in the first quarter—and its annual run rate recently surpassed $40 billion.
OpenAI's internal momentum is impressive: revenue has grown 35% since the start of the quarter, and income from enterprise clients is up 50%. The company's programming and work services are used by 20 million people weekly. However, there have been personnel losses: Chief Revenue Officer Denise Dresser, Brad Lightcap, and Head of Product Fidji Simo have all left the company.
My take: OpenAI's decision not to rush its IPO looks strategically sound. The AI market is overheated with expectations, and going public at the current $852 billion valuation may not reflect the company's true potential. However, delaying the listing also carries risks: if Anthropic goes public first and posts strong financial results, it could shift investor interest. The race for capital is just beginning, and 2027 could prove pivotal for the entire industry.