When is OpenAI planning to go public?

OpenAI is now leaning toward 2027, having delayed from its original target of the third or fourth quarter of 2026.

What valuation is Sam Altman seeking for the IPO?

Altman is pushing for a $1 trillion（約160兆円） valuation, up from the company's last private valuation of $730 billion（約120兆円）, and has rejected anything below that as a nonstarter.

Why are advisors recommending a delay?

Advisors cite volatile tech markets and investor skepticism about whether AI companies can deliver on their promises. SpaceX's recent stock decline from $202 to $153 after its record IPO particularly spooked OpenAI's advisors into warning that retail investors lack enthusiasm right now.

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OpenAI delays IPO to 2027, seeks $1 trillion（約160兆円） valuation

THE DECODER1d ago3 min read

Key takeaway

OpenAI is pushing its IPO from late 2026 to 2027 while demanding a $1 trillion（約160兆円） valuation, up from its previous $730 billion（約120兆円） private valuation. The delay reflects turbulent tech markets and weak investor appetite signaled by SpaceX's stock slide after its record IPO. The move is hitting SoftBank—which has committed roughly $65 billion（約10兆円） to OpenAI—particularly hard, as the Japanese conglomerate had relied on an IPO to establish a clear market price for its stake.

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3 Key Points

What happened
OpenAI is postponing its initial public offering to 2027, having originally targeted late 2026. CEO Sam Altman is demanding a $1 trillion（約160兆円） valuation, up from the company's last private valuation of $730 billion（約120兆円）. Advisors presented two options: go public in 2027 at that price, or move faster with a lower valuation. Altman rejected anything below $1 trillion（約160兆円）.
Why it matters
Volatile tech markets and SpaceX's stock decline after its record IPO have spooked OpenAI's advisors, who warn that retail investors lack enthusiasm right now. The delay is hitting SoftBank hard—the Japanese investor's stock fell 13 percent following the delay rumors, as it had bet on an IPO to provide transparent valuation for its roughly $65 billion（約10兆円） stake in OpenAI.
What to watch
OpenAI brought in about $13 billion（約2.1兆円） in revenue in 2025 and aims to triple that this year, though the company remains unprofitable. ChatGPT user numbers have stalled at around 900 million—short of the billion-user mark the company expected. The story Altman plans to tell investors centers on aggressive B2B scaling, including Codex (the coding tool) reaching more than four million weekly users worldwide.

FAQ

When is OpenAI planning to go public?: OpenAI is now leaning toward 2027, having delayed from its original target of the third or fourth quarter of 2026.
What valuation is Sam Altman seeking for the IPO?: Altman is pushing for a $1 trillion（約160兆円） valuation, up from the company's last private valuation of $730 billion（約120兆円）, and has rejected anything below that as a nonstarter.
Why are advisors recommending a delay?: Advisors cite volatile tech markets and investor skepticism about whether AI companies can deliver on their promises. SpaceX's recent stock decline from $202 to $153 after its record IPO particularly spooked OpenAI's advisors into warning that retail investors lack enthusiasm right now.

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