OpenAI Leans Toward Waiting Until 2027 for IPO; SoftBank Shares Tumble

What happened

OpenAI is reportedly leaning toward delaying its blockbuster IPO until 2027, according to NYT. Reasons cited include recent tech-stock volatility and SpaceX's choppy post-IPO performance. Internally Sam Altman is pushing for a target valuation around $1 trillion.

Context and impact

Anthropic filed in late May and OpenAI confidentially filed in the first week of June. A delay would put OpenAI's listing after the US presidential election and on a cadence closer to Stripe and SpaceX (perennial late-listers). The news drove SoftBank shares down as much as 13%, since SoftBank's stake is projected to reach roughly $65 billion by October. For the AI sector overall, it signals a longer period of dependence on private financing.

Details

• Altman's target valuation: ~$1 trillion
• SoftBank stake projected at ~$65B by October 2026
• SoftBank shares fell up to 13% on the report (dragged Nikkei lower)
• Anthropic filed 28 May, OpenAI confidentially filed first week of June
• Delay would push listing past the US presidential election