When will OpenAI go public? The CFO points to 2027, but CEO Sam Altman has said “not 2026”. The Business Perspective maps the filing status and six timing clues, so you can judge the answer to “when will OpenAI go public” yourself.
When will OpenAI go public? The best-sourced answer today is 2027, and the clues come from OpenAI’s own executives, its bankers and the investors lining up behind it. Nobody has set a date. The Business Perspective tracks it here.
The Business Perspective pulled together every timing signal reported up to 16 October 2026, from the confidential filing to the CFO’s remarks and a revenue dispute that could slow things down. Below, you will find the six clues that answer when will OpenAI go public, the race with Anthropic and the risks that could move the date. For a head start, read our companion piece on the Anthropic IPO date.
Yes, but only confidentially. OpenAI said around 8 June 2026 that it had submitted a draft S-1 to the US regulator, according to CNBC, with Goldman Sachs and Morgan Stanley reported as banks. The company said it had not decided on timing and that listing may take a while.
Anyone asking when will OpenAI go public should start here. A confidential filing lets a company talk to the SEC privately before anything becomes public. It can be revised many times. Companies often wait months, sometimes longer, before publishing the document and starting a roadshow.
OpenAI’s last priced valuation was about $852 billion, after the $122 billion raise in March, per CNBC. That size matters. A listing at this scale would rank among the biggest ever, so the banks and the company will want a calm market and clean numbers.
According to its own executives, 2027 is the target. CFO Sarah Friar said OpenAI could be public in 2027, or sooner if growth continues. CEO Sam Altman said “not 2026”. So when will OpenAI go public? Most likely next year, with no date confirmed.
The Business Perspective traced Friar’s remark to 19 August, as reported by CNBC and relayed by The Next Web. She said the IPO was “not a finish line, it is a milestone”, and described it as another fundraise. On the rivalry with Anthropic, she said OpenAI is “running our own race”.
Altman, as The Business Perspective reads him, struck a more cautious note. On a podcast recorded around 12 September, he said “I would say not 2026”, according to Fortune. He added that right now would be an ill-advised moment to go public, given everything happening with safety.
Put the two together and a window opens on the “when will OpenAI go public” question. A 2027 listing fits both remarks, which gives “when will OpenAI go public” a working answer. Anything earlier would contradict the CEO, and anything much later would contradict the CFO.
Key insight: The CFO sets the floor on ambition, and the CEO sets the floor on caution. Both can be true only if the listing lands in 2027.
For the “when will OpenAI go public” question, six clues point to 2027: a confidential filing, the CFO’s 2027 remark, Altman’s “not 2026”, bridge-financing talks near $1.4 trillion, a $122 billion cash cushion, and unsettled financials. None of them is a date. Together they describe a company preparing quietly while keeping its options open.
OpenAI said around 8 June 2026 that it had submitted a draft registration statement, per CNBC. Goldman Sachs and Morgan Stanley are reported to be the lead banks. The filing is the starting gun for the paperwork, not for the listing. Source: CNBC.
Sarah Friar told CNBC on 19 August that OpenAI could be public in 2027, or earlier if growth continues. She added that an IPO “is not a finish line, it is a milestone”, and another fundraise. Source: CNBC, via The Next Web.
On a podcast recorded around 12 September, Sam Altman said “I would say not 2026”. He called right now an ill-advised moment to list, given everything happening with safety, per Fortune on 15 September. Source: Fortune.
Bloomberg, relayed by Reuters on 29 September, reported talks on at least $30 billion at about a $1.4 trillion valuation as bridge financing in place of an IPO. A company that can raise privately feels less pressure to list. Source: Bloomberg, via Reuters.
OpenAI raised $122 billion in March at a valuation of about $852 billion. With that much cash on hand, the company can wait for a better window instead of listing into a weak one. Source: CNBC.
The Wall Street Journal, via The Next Web, put OpenAI’s Q2 revenue at $6.7 billion, up 18%, with an operating loss that widened from $9.3 billion to $12.3 billion. The run-rate dispute (see below) adds another reason to tidy up before it answers the “when will OpenAI go public” question. Source: WSJ, via The Next Web; FT.
Clue four deserves a second look. Bridge financing is what a company raises when it expects to need cash before a listing, or instead of one. That reading is the most useful hint yet on “when will OpenAI go public”: not soon, and not by necessity.
The Business Perspective notes that Bloomberg stressed the talks were at an early stage, which matters for “when will OpenAI go public” forecasts. The size, price and structure could all change, so treat the $1.4 trillion figure as a sketch.
On the “when will OpenAI go public” race with Anthropic, Anthropic is ahead on timing. It filed confidentially on 1 June 2026, and Bloomberg reports its marketing could start the week of 9 November. OpenAI’s executives point to 2027. Anthropic also reported higher Q2 revenue, $11.5 billion against OpenAI’s $6.7 billion, according to Reuters.
| Signal | OpenAI | Anthropic |
|---|---|---|
| Confidential S-1 | Announced around 8 June (CNBC) | Draft filed 1 June |
| Latest priced round | About $852B after $122B raised in March | Series H, $65B at $965B (28 May) |
| Q2 2026 revenue | $6.7B (WSJ) | $11.5B (Reuters) |
| Reported timing | 2027, or sooner (CFO) | Marketing could start week of 9 Nov (Bloomberg, unconfirmed) |
Reuters notes that Q2 was the first quarter in which Anthropic’s revenue exceeded OpenAI’s. It also reports that the two companies count revenue differently. OpenAI leaves out sales made through cloud partners such as AWS and Google Cloud, while Anthropic includes them.
Still wondering when will OpenAI go public relative to its rival? Want the other side of this race? Our explainer on the Anthropic IPO valuation goes through the numbers.
When will OpenAI go public if things slip? Four things could push OpenAI past 2027: safety concerns raised by Altman himself, a bumpy market for big tech listings, unresolved revenue figures, and senior departures. The Financial Times reported run-rate revenue of almost $50 billion, not the roughly $70 billion signalled earlier.
Anyone tracking when will OpenAI go public should note that annualized run rate can mislead, since it is typically one month’s revenue multiplied by 12. For more on that worry, see our look at whether the AI bubble is bursting.
Critics say the answer to when will OpenAI go public is softer than it sounds. Altman, the CFO and the bankers speak with different emphasis, and the revenue numbers keep moving. Some analysts think OpenAI can stay private for years. Supporters point to the confidential filing and strong investor appetite.
Our view at The Business Perspective on when will OpenAI go public: expect 2027, but keep an eye on the revenue story. If the run-rate gap narrows, the timeline firms up. If not, it slips.
Short version: a confidential filing exists, 2027 is the target, no date is set, and Anthropic looks likelier to list first. The Business Perspective answers the six questions readers ask most about “when will OpenAI go public” below, with named sources for every figure.
OpenAI’s chief financial officer, Sarah Friar, told CNBC in August that the company could be public in 2027, or sooner if growth continues. CEO Sam Altman said “not 2026” in September. No date is set, and OpenAI says it has not decided on timing.
Yes, confidentially. OpenAI announced around 8 June 2026 that it had submitted a draft S-1 registration statement, according to CNBC. A confidential filing is not a launch. OpenAI said it had not decided on timing, and the paperwork can sit for months before a public listing.
OpenAI’s last priced valuation was about $852 billion, after it raised $122 billion in March 2026. Bloomberg, relayed by Reuters on 29 September, reported talks on at least $30 billion of new bridge financing at about $1.4 trillion. Those talks were early and the terms could change.
Anthropic looks closer. It confidentially filed a draft S-1 on 1 June 2026, and Bloomberg reported that marketing could begin the week of 9 November, with trading before 26 November. That timing is unconfirmed. OpenAI’s own executives point to 2027.
Altman said in September that going public now would be ill-advised given everything happening with safety. Investors also want clearer numbers: the Financial Times reported that OpenAI told investors its annualized revenue was almost $50 billion, well below the roughly $70 billion it had signalled.
Not directly. OpenAI is a private company, and its shares are held by investors and employees. Some funds and brokers advertise indirect exposure, but those products carry their own fees and risks. This article is information, not investment advice, so check any product carefully before you buy.
That is the state of play. The Business Perspective covers AI and funding every week. For more AI and funding coverage, see our OpenAI revenue 2026 breakdown and the Q3 2026 venture funding report on The Business Perspective. Sector news is also at IoT Mail Bridge and IoT Insights Hub.
So, when will OpenAI go public? Probably in 2027, if the clues hold. The Business Perspective will update this page as new filings and reports land. This article is information, not investment advice.
