OpenAI is preparing for an IPO: the stock market debut is expected in 2027 or earlier.
OpenAI's Chief Financial Officer Sarah Friar has announced the long-awaited timeline for the company's stock market debut. According to my data, the artificial intelligence lab plans to conduct its initial public offering (IPO) in 2027. Friar emphasized, however, that the debut could happen earlier if business momentum maintains its current growth pace.
IPO Timeline: A Signal from Inside the Company
The statement was made at an all-hands meeting on Wednesday. More than two months have passed since OpenAI filed a confidential S-1 registration with the U.S. Securities and Exchange Commission (SEC). This is the first concrete indication of the listing timeframe — previously, the company had not named specific dates and even left open the possibility of remaining private.
Friar noted that the IPO is not the ultimate goal but merely a tool for raising capital. In the spring, OpenAI raised $122 billion, which, according to her, provides the company with significant financial flexibility. "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 emphasized. The company's current post-investment valuation stands at $852 billion.
Competition Intensifies: Anthropic Could Go Public Earlier
Meanwhile, the situation with the main competitor — Anthropic — is developing in parallel. The company has also filed a confidential application and has already held initial meetings with potential investors. There is active market discussion about the likelihood of its stock market debut as early as autumn, with a potential valuation of $2 trillion. Friar urged colleagues not to worry if Anthropic discloses details of its filing first, noting that OpenAI has its own pace.
The financial metrics of the two companies show impressive but different dynamics. Anthropic reported preliminary revenue of $11.5 billion for the second quarter, and its annualized revenue run rate reached $65 billion by the end of July. OpenAI, in turn, earned $6.7 billion in the second quarter — 18% more than in the first — and its annual run rate exceeded $40 billion. Since the start of the quarter, OpenAI's revenue has grown by 35%, with corporate client revenue up 50%. The company's programming services are used by 20 million people weekly.
However, not everything is smooth: despite promises of stability, several top executives have left the company, including Chief Revenue Officer Denise Dresser, Brad Lightcap, and Head of Product Fiji Simo.
My analysis: OpenAI's current financial metrics are impressive, but the departure of key executives on the eve of the IPO is a troubling signal for investors. The market will be closely watching whether the company can sustain its growth pace amid staffing instability and intensifying competition with Anthropic.