The OpenAI IPO delay is the biggest story in global tech finance this week. Sam Altman, the CEO of the company behind ChatGPT, has reportedly told advisers that listing at any valuation below $1 trillion is a non-starter. That single decision has pushed what could be the largest tech listing in US history into 2027 at the earliest, and it sent shockwaves through global markets on June 26, 2026.
The Two Options on Sam Altman’s Table
OpenAI’s advisers presented executives with two options: wait until next year and pursue a $1 trillion valuation, or lower valuation expectations to list sooner, according to the New York Times, which cited three people involved in the deliberations.
Altman reportedly told advisers that any reduction in the trillion-dollar valuation target was a ‘non-starter’. In plain terms, he would rather wait another year and go public on his own terms than accept a smaller number to rush the listing.
The shift represents a reversal from the late-2026 timeline OpenAI had signalled since January, with CFO Sarah Friar also pushing internally for the 2027 delay.
Friar has told associates the 2027 timeline is what she has been advocating internally, citing OpenAI’s heavy cash burn, the $600 billion in compute infrastructure commitments through 2030, and the company’s readiness to meet public-company reporting obligations.
Why Does OpenAI Want $1 Trillion?
OpenAI filed a confidential draft registration statement with the US Securities and Exchange Commission on May 22, 2026. At the time, the company’s most recent private valuation stood at $852 billion, set in March when OpenAI closed a $122 billion funding round co-led by SoftBank, Amazon, and Nvidia.
At a $1 trillion figure, OpenAI would not be competing with other AI companies for investor attention. It would be listed alongside Nvidia, Microsoft, Apple, and Alphabet as one of the most valuable technology companies in history. That is the goal Altman is building toward.
The company does have the revenue to back up its ambitions, at least on the growth side. OpenAI went from roughly $2 billion in annualised revenue at the end of 2023 to $6 billion in 2024, and its CFO confirmed the figure surpassed $20 billion by the end of 2025. However, OpenAI remains heavily loss-making and does not expect to reach profitability until around 2030, with internal projections suggesting losses of $14 billion in 2026 alone.
SoftBank Loses $38 Billion in a Single Day
The OpenAI IPO delay did not just affect OpenAI. It hit its biggest backer hard and fast.
SoftBank has committed roughly $65 billion to OpenAI and holds approximately 13% of the company. The prospect of an OpenAI IPO had driven SoftBank shares to record highs. The New York Times report that OpenAI is likely to delay its IPO until 2027 caused shares to fall as much as 14% intraday before closing down more than 12%, erasing approximately $38 billion in market value in a single session.
This kind of market reaction shows just how much global investor confidence had been tied to OpenAI going public in 2026. The delay is not just a change in paperwork. It is a shift in when some of the world’s largest investment bets get paid out.
What Spooked the Market First?
The delay is not just about Altman’s ambition. Market conditions played a big role too.
Sources close to the OpenAI deliberations told the Wall Street Journal and The Information that SpaceX’s trajectory has amplified concerns about how public markets would receive another high-profile AI listing. SpaceX went public earlier in June 2026 at a huge valuation, but the rally did not hold, with SpaceX shares shedding roughly 25 to 30% from their highs.
Broader technology stocks have also weakened as investors question whether artificial intelligence companies can deliver enough revenue to support lofty valuations. This is the environment OpenAI would be walking into if it rushed a 2026 listing.
Anthropic Could Beat OpenAI to Market
Here is where it gets interesting for AI investors. If OpenAI waits, it may not be first.
Anthropic filed its confidential S-1 with the SEC on June 1, targeting an October 2026 Nasdaq debut at a $965 billion valuation, with Goldman Sachs, JPMorgan, and Morgan Stanley as lead underwriters.
If OpenAI’s tilt to 2027 holds, Anthropic would IPO first in October 2026 and the bankers’ ‘whoever lists first defines the industry’ framing becomes Anthropic’s headline. This is a real competitive risk for OpenAI. The company that sets the benchmark for AI valuation in public markets gains a significant narrative advantage.
Prediction markets on Kalshi assign 59% probability to an official OpenAI IPO announcement by March 1, 2027, and 73% odds by June 2027. So markets are not ruling out 2026 entirely, but they have clearly shifted their bets.
For more on how the US government is already shaping OpenAI’s model releases, read our earlier report on the GPT-5.6 Sol US-only government rollout, which is directly tied to the same regulatory pressures affecting the company’s IPO timing.
What This Means for Pakistan’s Growing Tech Investor Class
Pakistan’s tech sector is maturing fast. The OpenAI IPO delay comes as OpenAI faces greater scrutiny from the US government over its newest AI systems, with the Trump administration asking the company to stagger the rollout of its latest model because of security concerns. That kind of government involvement in frontier AI affects how global AI investment appetite is shaped.
For Pakistani tech investors and founders, the delay matters in a few ways. Pakistani startups, freelancers, and tech companies depend heavily on OpenAI’s products and APIs. A prolonged private phase means OpenAI continues to burn cash and must keep justifying its pricing to enterprise customers globally, including those in Pakistan.
Pakistan’s IT export sector has been growing strongly, as we covered in our report on Pakistan IT exports hitting a record high in FY26. Pakistani developers and tech firms building on top of OpenAI tools have a direct interest in the company’s financial stability and product roadmap. A delayed IPO means OpenAI stays a private, tightly controlled company for longer, which affects access to its tools, pricing decisions, and enterprise partnerships for businesses in markets like Pakistan.
Beyond that, Pakistani investors with access to international brokerage accounts or mutual funds with AI exposure will find that the OpenAI IPO delay reshapes their entry point into the AI investment story. The longer OpenAI waits, the more time Anthropic and others have to set the tone in public markets.
Frequently Asked Questions
Why is the OpenAI IPO delay happening?
OpenAI is reportedly considering delaying its IPO until 2027, choosing to wait for a $1 trillion valuation rather than list at a lower price in volatile markets. CEO Sam Altman has made clear he will not accept a lower figure.
What two options did OpenAI’s advisers present?
Advisers laid out two paths: wait until 2027 and pursue the $1 trillion valuation the company has been targeting since January, or accept a lower price tag for a faster late-2026 listing. Altman firmly rejected the second option.
How does OpenAI’s valuation compare to other big companies?
A $1 trillion valuation would place OpenAI alongside Nvidia, Microsoft, Apple, and Alphabet as one of the most valuable technology companies in history. It would also rank among the biggest IPOs ever recorded in the United States.
When will the OpenAI IPO actually happen?
There is no confirmed date yet. Prediction markets assign 59% probability to an official IPO announcement by March 1, 2027, and 73% odds by June 2027. The IPO is not guaranteed. A confidential S-1 is a step toward an IPO, not a commitment to complete one.
