OpenAI Could Confidentially File for IPO as Early as Friday, Targeting September Listing

OpenAI and Anthropic are competing for leadership in generative artificial intelligence while preparing for potential public listings. An IPO would give OpenAI broader access to capital but also expose its finances, governance and growth outlook to greater scrutiny. The timing is therefore an important test of whether the company can convert rapid adoption of its AI products into a durable business.

OpenAI Chief Financial Officer Sarah Friar told employees the company expects to go public no later than 2027, with an earlier debut possible if growth continues to accelerate. She cited strong revenue and enterprise momentum in the current quarter and said employees should not be concerned about Anthropic listing first. Both OpenAI and Anthropic have submitted confidential IPO filings, according to the reports.

As artificial intelligence advances rapidly, Wall Street is focusing on AI unicorns’ capital-markets plans. Generative AI leader OpenAI and rival Anthropic have formally filed for initial public offerings, setting off fierce competition among investment banks. Major financial institutions are forging early funding ties as they vie for leading roles in lucrative AI financing and underwriting—and a share of what could be IPOs of the century.

Bank of America has extended OpenAI a credit facility of up to $520 million for the first time, primarily as it seeks an advisory role in the company’s future IPO. Although OpenAI and Anthropic have filed to go public, OpenAI is reportedly considering delaying its listing until 2027 amid volatile market valuations. The move is intended to strengthen Bank of America’s lead in AI financing and position it for future capital-markets business.

OpenAI is evaluating an initial public offering, but Chief Executive Sam Altman reportedly insists the company must be valued at $1 trillion, an unusually high threshold for the technology sector. The enormous cost of training generative AI models, computing infrastructure and data centers means the timing of the listing will shape investor assessments of AI valuations and the industry’s ability to sustain funding.

The latest reports indicate that OpenAI, facing its valuation demand and continued heavy cash burn, is leaning toward delaying its IPO until 2027. Rival Anthropic has filed for a listing and could go public as early as 2026, potentially establishing the first pricing benchmark for AI companies. The White House is also stepping up its review of OpenAI’s next-generation GPT-5.6 model, adding regulatory uncertainty.

OpenAI is seeking to balance heavy spending on computing capacity with fundraising in the capital markets. CEO Sam Altman has committed $600 billion to expanding computing infrastructure to support ChatGPT’s growth. But user and revenue figures have fallen short of targets, raising questions about whether an IPO can support the company’s long-term data-center bills.

Altman initially favored pursuing an IPO as early as the fourth quarter of 2026. Chief Financial Officer Sarah Friar warned that current revenue was insufficient to support computing commitments of up to $1 trillion and that the company could run out of cash in five years. The New York Times most recently reported that OpenAI was leaning toward delaying its listing until 2027, while Altman was demanding a valuation of at least $1 trillion.

OpenAI is at the center of the generative AI boom but remains privately held, preventing retail investors from buying its shares directly. Investors have instead sought indirect exposure through companies with stakes in or partnerships with OpenAI, including Microsoft, SoftBank, Nvidia and OpenAI shareholder Eightco, hoping to benefit from growth in corporate AI spending and model commercialization.

OpenAI was previously reported to be planning an IPO in the fourth quarter of 2026 at a target valuation of $1 trillion, with annualized revenue at the time exceeding $25 billion. Rival Anthropic's annualized revenue had reached $19 billion, an approximately tenfold increase from a year earlier. The latest reports, however, indicate that the listing plan may be put on hold and delayed until 2027.

Founded in 2015, OpenAI has expanded rapidly through ChatGPT and enterprise AI services. As it prepares for an initial public offering, the company has identified its reliance on Microsoft for cloud computing and commercial partnerships as a risk in its financial filings. Computing costs and partner concentration will directly affect its IPO valuation, profitability and operational resilience.

The latest filings show that OpenAI estimated its 2025 revenue at $13.1 billion, although training and deploying large AI models still require substantial capital expenditure. Its reliance on Microsoft could also become a focus of investor scrutiny. The company is expanding partnerships with Amazon and others to diversify its cloud infrastructure and commercial resources, reduce concentration risk and prepare for the IPO.